Required information [The following information applies to the questions displayed below.] Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $225,000. He sold the home on January 1, 2020, for $250,600. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) d. Troy rented out the home from January 1, 2007, through December 31, 2015. He lived in the home as his principal residence from January 1, 2016, through December 31, 2016. He rented out the home from January 1, 2017, through December 31, 2017, and lived in the home as his principal residence from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Recognized gain $ 7,822

Required information [The following information applies to the questions displayed below.] Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $225,000. He sold the home on January 1, 2020, for $250,600. How much gain must Troy recognize on his home sale in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) d. Troy rented out the home from January 1, 2007, through December 31, 2015. He lived in the home as his principal residence from January 1, 2016, through December 31, 2016. He rented out the home from January 1, 2017, through December 31, 2017, and lived in the home as his principal residence from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Recognized gain $ 7,822

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 49P

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! Required information [The following information applies to the questions displayed below.] Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $295,000. He sold the home on January 1, 2023, for $323,400. How much gain must Troy recognize on his home sale in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. d. Troy rented out the home from January 1, 2007, through December 31, 2018. He lived in the home as his principal residence from January 1, 2019, through December 31, 2019. He rented out the home from January 1, 2020, through December 31, 2020, and lived in the home as his principal residence from January 1, 2021, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Recognized gain
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