Teave has a house in the city that qualifies as his principal residence from 2010 to 2020. If he bought the house for $400,500 in 2010 and sold it for $500,000 in 2020. What is the amount of capital gain that Mr. Teave will include on his tax return in 2020 after making an election to designate the house as principal residence for the full 11 years?

Jamal purchased his home in 2019. In 2022, he installed energy efficient windows that meet the Energy Star most efficient certification requirements for a total cost of $1,600. He also installed exterior doors that meet the Energy Star requirements for a total cost of $2,100. His tax liability is $3,900. Jamal had a Residential Energy Property Credit in a previous year in the amount of $300. What is the amount of his Energy Efficient Home Improvement Credit? $200 $370 $500 $3,700

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

jacob lived in his house as his house as his primary residencefrom 2018, when purchased for 175,000.the assessment at that time showed the land value 15,000. he made no improvements while he lived there, and in 2021 he converted the proprty to rental use. in early 2022 he spent 15,000 on a kitchen renovation before selling it in december of 2022. what is jacobs adjusted basis in the house before any allowable depreciation when he sold it? 160,000 173717 175000 190000

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?