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?

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

In 2020, José purchased a house for $325,000 ($300,000 relates to the house; $25,000 relates to the land). He used the house as his personal residence. In March 2023, when the fair market value of the house was $400,000, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. José's basis for cost recovery for the property is $ 300,000 b. Under MACRS, the cost recovery period for residential rental real estate is 27.5 years, and it is subject to the mid-month ✓ convention. c. The cost recovery for 2023 is $ Feedback x. Check My Work If personal-use assets are converted to business (or income-producing) use, the basis for cost recovery and for loss must be determined at the time the property is converted.

D6. Seiji converted his personal residence to rental property in 2021. He purchased the property in 2016 for $106,000, of which $16,000 was allocable to the land. There were no adjustments to his original basis during the period of time the property served as his primary residence, but on the date of conversion, an appraisal valued the property at $170,000; $20,500 was allocated to the land.

Anne sold her home for $290,000 in 2021. Selling expenses were $17,400. She purchased it in 2015 for $200,000. During the period of ownership, Anne had done the following: • Deducted $50,500 office-in-home expenses, which included $4,500 in depreciation. (Refer to text Section 9-6a.) • Deducted a casualty loss in 2017 for residential trees destroyed by a hurricane (her county was declared a Federal disaster area). The total loss was $19,000 (after the $100 floor and the 10%-of-AGI floor), and Anne's insurance company reimbursed her for $13,500. (Refer to text Section 7-3.) • Paid street paving assessment of $7,000 and added sidewalks for $8,000. • Installed an elevator for medical reasons. The total cost was $20,000, and Anne deducted $13,000 as medical expenses. (Refer to text Section 10-1b.) What is the amount that Anne realized on the sale? What is the adjusted basis of Anne's home? Anne's realized gain on the sale is $ ?

Marcus sold a residential rental building for a gain of $30,000. He had originally purchased the building and placed it in service in March 2016 (for simplicity, the sale of land is not included in this question). The amount of depreciation allowed or allowable was $14,250. There were no other adjustments to the basis of the property, and Marcus did not sell any other property during the tax year. What is the amount and nature of Marcus's gain? (a) $15,750 gain taxed as a long-term capital gain, and $14,250 gain taxed at a maximum of 25%. (b) $15,750 gain taxed as a long-term capital gain, and $14,250 gain added to business income. (c) $30,000 gain taxed as a long-term capital gain, and $14,250 gain taxed at a maximum of 25%. (d) $30,000 gain taxed as a long-term capital gain, and $14,250 gain added to business income.

In 2018, José purchased a house for $197,400. He used the house as his personal residence. In September 2021, when the fair market value of the house was $315,700, he converted the house to rental property. If required, round your answers to the nearest dollar. Click here to access depreciation tables in the textbook. a. José's basis for cost recovery for the property is $ b. Under MACRS, the cost recovery period for residential rental real estate is convention. c. The cost recovery for 2021 is $ years, and it is subject to the

#2) Mr. Norman Low owns a piece of land. It has a cost of $125,000 and a fair market value of $132,000. In July, 2017, Mr. Low sells the asset to his father for $150,000 and his father sells it a month later for $132,000.     REQUIRED:   Determine the amount of income to be recorded by Mr. Low as a result of the sale to his father.   Determine the amount of income to be recorded by Mr. Low’s father as a result of the sale of the land.

Holly purchased a house in 1999 for $390,000 (of which $40,000 is for the land). In April 2019 she decided to relocate to another state. She did not sell her house and converted the property into a rental property. The fair market value at the time of the conversion was $450,000 (of which $80,000 is for the land). Required: Calculate the depreciation expense for 2020.

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