The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???
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Subject :- Accounting
The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???
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- Subject:accounting The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???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?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?
- ! 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 gainRequired information [The following information applies to the questions displayed below.] Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance Advertising expense Mortgage interest $ 1,410 590 6,100 1,490 630 Property taxes Repairs & maintenance Utilities 520 10,000 Depreciation During the year, Natalie rented out the condo for 95 days, receiving $18,000 of gross income. She personally used the condo for 42 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.) a. What is the total amount of itemized deductions Natalie may deduct in the current year…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 XLO.3 Hank was transferred from Arizona to North Dakota on March 1 of the current year. He immediately put his home in Phoenix up for rent. The home was rented May 1 to November 30 and was vacant during the month of December. It was rented again on January 1 for six months. What expenses related to the home, if any, can Hank deduct on his return? Which deductions are for AGI, and which ones are from AGI?! Required information [The following information applies to the questions displayed below.] Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $105,000 and contributed $6,000 of it to a qualified retirement account (a for AGI deduction). She also received $10,000 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $15,000 of expenditures that qualified as itemized deductions. (Use the tax rate schedules.) a. What is Camille's taxable income? Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions Taxable income $ $ Amount 115,000 6,000 109,000 15,000
- Interview Notes • Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for the entire year. Her only income for 2023 was $48,000 in W-2 wages. • Abigail, age 24, and her daughter Andrea, age 4, moved in with Abigail 's mother, Carmen, after she separated from her spouse in April of 2021. Abigail 's only income for 2023 was $25,000 in wages. Abigail provided over half of her own support. Andrea did not provide more than half of her own support. • Abigail will not file a joint return with her spouse. • All individuals in the household are U.S. citizens with valid Social Security numbers. No one has a disability. They lived in the United States all year. 9. Either Carmen or Abigail can claim Andrea as a dependent. a. True b. False submittedRequired information [The following information applies to the questions displayed below.] Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance $ 1,060 Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities 1,290 1,200 Depreciation 12,300 During the year, Natalie rented out the condo for 89 days, receiving $14,000 of gross income. She personally used the condo for 38 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. 25 Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.) 14 b. If Natalie's basis in the condo at the beginning of the year was $235,000, what is her basis in…Hello, Can you help me with the below question? Three years ago, Louise bought a rental house for $450,000. Last year, she built a small addition for $50,000. In 2021, she decides to sell the house. She has taken depreciation of $21,000. What is Louise's adjusted basis? a.$450,000 b.$429,000 c.$500,000 d.$479,000