The Blacks moved
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The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2022. They originally paid $80,000 for the home on July 3, 1996, but managed to sell it for $598,000. They spent $14,000 on improvements over the years. How do I fill out the Form 8949?
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- Jeff is a single taxpayer who sold his home when he was transferred from NY to Denver by hisemployer. He purchased the home on January 10, 2013. He was sent by his company for temporaryassignment to Detroit on February 1, 2016, that lasted for longer and was gone for 16 months in2016 and 2017, during which time he rented out his home. He moved back into the home on June 3,2017. He sold the home on March 15, 2020. Jeff can claim an exclusion of gain on the sale up to:Select one:a. $500,000b. $300,000c. $250,000d. $0Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2023, for $191,600. He lived in the house for 7 years. The expenses of the sale are $13,412, and he has made capital improvements of $5,748. Larry's cost basis in his residence is $111,128. On November 30, 2023, Larry purchases and occupies a new residence at a cost of $239,500. Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.My father purchased his home in 1974 for $38,000. He sold it in 2020 for $225,000. What rate of appreciation (interest) did the price of his home experience?
- 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…Your client has occupied the residence she personally owns for four and a half years. The adjusted basis is $150,000. She sold the residence in May of 2018 for $310,000. Her selling expenses totaled $22,000. What is your clients recognized gain on the sale of this residence?Eric and Susan just purchased their first home, which cost $146,000. They purchased a homeowner's policy to insure the home for $136,000 and personal property for $83,000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $21,000. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $480. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance company pay for the damages to the roof? Insurance covered amount
- Jameson owns several residential rental properties. In May 2021, he purchased a new stove and refrigerator and placed the items in service in one of his rental houses. He elected not to claim the special depreciation allowance that year. In November 2023, Jameson sold the house, including the appliances. After factoring in depreciation, he had a loss on the sale of both the stove and the refrigerator. Where on Form 4797 should Jameson's loss from the sale of these appliances be reported? Part I. Part II. Part III. Part IV.Facts: Cheryl bought a home on April 1, 2023 for $370,000. The home was her principal residence until November 30, 2023 when she sold the home due to a job change that required her to move to another state (210 miles away). The home sold for $465,000. Cheryl is single and this was the first home she's ever owned. She made no significant improvements to the home while living there. Requirements: 1. Research the following issue: What is Cheryl's realized gain on the home sale? How much of the gain, if any, must be recognized on her 2023 tax return?Eric and Susan just purchased their first home, which cost $166,000. They purchased a homeowner’s policy to insure the home for $156,000 and personal property for $93,000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $26,000. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $680. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance company pay for the damages to the roof?
- Erin's bank foreclosed on her office building when she stopped making payments on her loan. The loan was secured by the building when she purchased it three years ago for $750,000. Erin's Form 1099-A is shown below. If the building is sold for the fair market value (FMV), how much of Erin's personal assets can the lender attempt to collect to satisfy the judgment? (Answer choices are below the image.) LENDER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. OAK RIDGE BANK 301 AUSTIN STREET YOUR CITY, YS XXXXX (XXX) 555-5678 LENDER'S TIN XX-XXXXXXX BORROWER'S name ERIN HERNANDEZ Street address (including apt. no.) 308 VIRGINIA AVENUE CORRECTED (if checked) BORROWER'S TIN XXX-XX-XXXX Account number (see instructions) XXXXXXXX Form 1099-A (Rev. 1-2022) City or town, state or province, country, and ZIP or foreign postal code YOUR CITY, YS XXXXX (keep for your records) $615.000 $595,000 $20,000 OSO (None of Erin's personal…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…Kathi is a captain in the U.S. Air Force. In June 2022, her duty station changed from Travis Air Force Base in California to Fairchild AFB in Washington. She drove 830 miles and spent $1,300 to move her household items. Kathi also incurred costs of $880 when she sold her home in her former city. Included on her Form W-2, in box 12, is code P for $1,449. Kathi's moving expenses adjustment is _________.
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