Ms. Stacy Lopez owns a city home in Vancouver, as well as a chalet at the Cyprus Mountain ski area. The city home was purchased in 2009 at a cost of $180,000. The chalet was purchased in 2015 for $91,000. On August 1, 2022, the house is sold for $350,000 and the chalet is sold for $250,000. A real estate commission of 5 percent was paid on each sale. She has spent some time in each property in every year from 2015 through 2022. Determine the minimum capital gain that she must report for 2022 as a result of the sale of the two properties.
Ms. Stacy Lopez owns a city home in Vancouver, as well as a chalet at the Cyprus Mountain ski area. The city home was purchased in 2009 at a cost of $180,000. The chalet was purchased in 2015 for $91,000. On August 1, 2022, the house is sold for $350,000 and the chalet is sold for $250,000. A real estate commission of 5 percent was paid on each sale. She has spent some time in each property in every year from 2015 through 2022. Determine the minimum capital gain that she must report for 2022 as a result of the sale of the two properties.
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 37P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT