Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $300,000. He sold the home on January 1, 2022,for $320,000. 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. Troy rented out the home from January 1, 2007, through December 31, 2017. He lived in the home as his principal residencefrom January 1, 2018, through December 31, 2018. He rented out the home from January 1, 2019, through December 31,2019, and lived in the home as his principal residence from January 1, 2020, through the date of the sale. Assumeaccumulated 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$7,000 ×Show less▲

To calculate the recognized gain on the home sale, we need to consider the rules regarding the tax…

Answered: Troy (single) purchased a home in…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 41P: Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019,...

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Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?
Required information [The following information applies to the questions displayed below.] Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $300,000. He sold the home on January 1, 2021, for $320,000. 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.) a. Troy rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at the time of sale was $7,000. Recognized gain
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 X
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $310,000. He sold the home on January 1, 2022, for $330,200. 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. Required: Troy rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at the time of sale was $16,800. Troy lived in the home as his principal residence from January 1, 2007, through December 31, 2017. He rented out the home from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $3,900. Troy lived in the home as his principal residence from January 1, 2007, through December 31, 2019. He rented out the home from January 1, 2020, through the date of the sale. Assume…
! 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
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $305,000. He sold the home on January 1, 2020, for $326,400. How much gain must Troy recognize on his home sale in each of the following alternative situations? 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.
Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $325,000. He sold the home on January 1, 2019, for $346,200. How much gain must Troy recognize on his home sale in each of the following alternative situations? a. Troy rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at the time of sale was $10,800. ANS: 10,800 b. Troy lived in the home as his principal residence from January 1, 2007, through December 31, 2014. He rented out the home from January 1, 2015, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $5,800. ANS: 27,000 c. Troy lived in the home as his principal residence from January 1, 2007, through December 31, 2016. He rented out the home from January 1, 2017, through the date of the sale. Assume accumulated depreciation on the home at the…
! Required information Problem 14-43 (LO 14-2) (Static) [The following information applies to the questions displayed below.] Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) (Leave no answer blank. Enter zero if applicable.) Problem 14-43 Part d (Static) d. Sarah used the home as a vacation home from January 1, 2008, through December 31, 2015. She used the home as her principal residence from January 1, 2016, until she sold it on January 1, 2022. (Round intermediate percentage computation to 2 decimal places.) Gain recognized
Ethan (single) purchased his home on July 1, 2009. He lived in the home as his principal residence until July 1, 2016, when he moved out of the home, and rented it out until July 1, 2018, when he moved back into the home. On July 1, 2019, he sold the home and realized a $184,500 gain. What amount of the gain is Ethan allowed to exclude from his gross income? (Enter only numbers with no dollar signs or other punctuation.)
Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) Note: Leave no answer blank. Enter zero if applicable. a. Sarah used the home as her principal residence through December 31, 2019. She used the home as a vacation home from January 1, 2020, until she sold it on January 1, 2023. Answer is complete but not entirely correct. Gain recognized $ 50,000
In 2018, Jane sold land to her brother Joe. Joe paid Jane $45,000 in cash for the land, and Jane's adjusted basis in the land was $51.000. In 2022, Joe sold the land for $53,000 to an unrelated party. Determine the amount of gain Joe will recognize on the sale of the land in 2022. Do not fail to consider that Jane and Joe are related. Type your answer...
Ethan (single) purchased his home on July 1, 2008. He lived in the home as his principal residence until July 1, 2015, when he moved out of the home and rented it out until July 1, 2017, when he moved back into the home. On July 1, 2018 he sold the home and realized a $237,000 gain. What amount of the gain is Ethan allowed to exclude from his 2018 gross income? Multiple Choice ____ $0 ____ $189,600. ____ $227,000. ____ $237,000.

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