Calvin James and his wife, Carla sell their personal residence which they have occupied for three years on November 11th 2020 for a total sum of $800,000.  They made renovations in preparation for the sale in the amount of $25,000 and the costs of selling the house were $10,000. Their cost basis in the home was $250,000.  On November 30, they occupied a new home that they purchased for $350,000.       Calculate (a) their realized gain on the sale of the residence & (b) their adjusted basis in the new residence.

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Emil purchased an apartment building in 2016 for $200, 000 and made improvements over time in the amount of $50,000. The initial purchase included $15,000 for land value. Emil took all allowable depreciation, totaling $54, 000. He sold the entire property in 2022 for $350, 000, with no sale expenses. What are his total gains on the building and improvements only, reported in Part III of Form 4797?...

Timothy and Cleo are married (file a joint return) and purchased rental property in 2005 for $300,000. They sold it for $500,000 in 2020. How much must Timothy and Cleo report as a gain on their 2020 income taxes? Purchased the Home January 1, 2005 Rental Property January 1, 2005 through December 31, 2014 Principal Residence January 1, 2015 through December 31, 2020 Sold the Home December 31, 2020

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Review the following scenario. Use the information provided to answer questions about the taxpayer’s 2020 return.Liam Hernandez (38) paid $112,000 for a single-family home on July 1, 2020, and immediately placed it in service as a residential rental property. At the time, the land was valued at $10,000. The property generated $6,000 in rental income for the year. Liam’s only expenses consisted of depreciation, $500 in insurance, and $750 in real estate taxes.Liam is not a real estate professional, but he does actively participate in his rental real estate activity. He did not provide any personal services during the year, although he has notified his tenant that he will make minor repairs to the property as needed. Liam has no other passive income or losses.   Question 1 What amount should Liam report for his total rental real estate and royalty income? His partially completed Schedule E, Supplemental Income and Loss, is shown below. You may use the form to assist you in answering this…

Greg purchased a new Mercedes Benz for $68,000 on February 10, 2022. He used the car 90% for his business during the year. What maximum amount of depreciation is he eligible to claim on the car for 2022?

Anton purchases a building on May 4, 2002, at a cost of $370,000. The land is properly allocated $40,000 of the cost (total cost $410,000). Anton sells the building on October 18, 2020, for $370,000.   If an amount is zero, enter "0".   a. What is the character of Anton's gain or loss on the sale if he uses the regular MACRS system and the building is an apartment building? Assume the accumulated depreciation at the time of the sale is $208,990.   The total gain would be _____, of which ______is Section 1250 recapture and_______is unrecaptured Section 1250. Any balance is considered a long-term capital gain   .   b. What is the character of Anton's gain or loss on the sale if he uses the regular MACRS system and the building is an office building? Assume the accumulated depreciation at the time of the sale is $147,384.   The total gain would be_____, of which _____ is Section 1250 recapture and ______ is unrecaptured Section 1250. Any balance is considered Section 1231 gain