Hi CPA, I bought my house in 1980 for $75,000. I talked to realtor, and the realtor believes that my husband and I can sale the property for at least $300,000. Supposing that this is the case and we sale the property in May of 2023, what will the tax consequences be? We have lived in the house since we bought it and have put in about $35,000 of improvements that we have documentation for. Also, the realtor estimates about $25,000 of closing costs for the sale. Thanks,
Hi CPA, I bought my house in 1980 for $75,000. I talked to realtor, and the realtor believes that my husband and I can sale the property for at least $300,000. Supposing that this is the case and we sale the property in May of 2023, what will the tax consequences be? We have lived in the house since we bought it and have put in about $35,000 of improvements that we have documentation for. Also, the realtor estimates about $25,000 of closing costs for the sale. Thanks,
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 14DQ
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K12.
Transcribed Image Text:Hi CPA,
I bought my house in 1980 for $75,000. I talked to realtor, and the realtor believes that my husband and
I can sale the property for at least $300,000. Supposing that this is the case and we sale the property in
May of 2023, what will the tax consequences be? We have lived in the house since we bought it and
have put in about $35,000 of improvements that we have documentation for. Also, the realtor estimates
about $25,000 of closing costs for the sale.
Thanks,
Client
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT