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?

Q: Cavan Biggio sold his condo in Victoria in 2020 for a capital gain of $557,000. He originally…

A: When the capital asset is sold above its carrying value, the gain incurred on such a…

Q: Harvey Caseman died on July 15, 2020. At the time of his death, he owned the following assets: Cost…

A: Taxes are paid strictly for the taxable event.

Q: Taylor has owned and occupied her personal residence (adjusted basis of$190,000) for four years. In…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Linda purchased a cottage in 1984 for $62,000; on February 22, 1994, it was valued at $126,000. On…

A: The profit made on the sale of an asset such as stocks, bonds, or real estate is referred to as…

Q: What would be the amount of adjustment if I sold my home for $604,000, with $13,000 on improvement.…

A: The adjusted cost basis of a property includes cost of improvements that add value to the home or…

Q: Jim had a car accident in 2019 in which his car was completely destroyed. At the time of the…

A: Formula: Deductible loss = Car value - ( car value x insurance recovery ) Car value and insurance…

Q: Sam purchased a house in San Francisco, CA, in 1952 for $15,000. He never married but had several…

A: $ 1824253 The question related to capital gain tax on long term capital assets as the holding period…

Q: Maggie and Landon own a home valued at $200,000. They put 20% down when they purchased the home, and…

A: Seller pays the down payment to lock in the deal of a particular house. In this case the seller has…

Q: Jason inherited a piece of real estate from his father and later sells that real estate for…

A: Gain shall be the difference between sales price and the fair market value on the date of Jason’s…

Q: Bob died in 2020. He left an estate worth $20,000,000, a surviving spouse, and a two trust will…

A: CST termed as Credit Shelter Trust which is made to allow the affluent couples for decreasing or…

Q: gain or loss i

A: Gain or loss refers to the amount that a person earns from the sale of an item more than the…

Q: John purchases a new car in 2021 for a price fo $37.000.  If he claims 100-percent bonus…

A: The bonus depreciation is an tax insentive that allows a business to claim large amount of…

Q: Dicky owns and lives in his principal residence in Naperville, IL. He financed the purchase of his…

A: Home mortgage must be secured by your main home or a second home in order to avail the deduction.…

Q: Mr. Craft purchases his first home in 2011 at a cost of $89,000. In 2016, the home is sold for…

A: The capital gains arise when the capital asset value increases and it is sold. In case a capital…

Q: 1. On March 10, 2021, Juan sold land (adjusted basis = $150,000) to Richard for its FMV of $130,000.…

A: Since the land was purcahsed in 2009 and sold in 2021, therefore the loss will be long term…

Q: During 2019, Janet lost her house due to a national disaster. Janet bought the house in 2000 for…

A: If the property is a business or income-generating asset and if it is completely destroyed, then the…

Q: Amanda purchased a home for $720,000 in 2016. She paid $144,000 cash and borrowed the remaining…

A: Acquisition Indebtness is the outstanding amount on a loan taken out for the purpose of purchase of…

Q: In 2016, José purchased a house for $325,000 ($300,000 relates to thehouse; $25,000 relates to the…

A: Cost recovery refers to a company's capacity to recoup or recover the cost of its investments. It is…

Q: Kyle owns some land in Connecticut for which he paid $20,000 several years ago the property is now…

A: Fixed asset: It implies to a non-current asset, having an expected useful life of more than a year…

Q: Michael (single) purchased his home on July 1, 2011. He lived in the home as his principal residence…

A: A Taxpayer is required to include Capital Gain in his income. However A deduction of 250,000 is…

Q: In 2019, Clem and Chloe, a married couple, sold their principal residence that they have owned and…

A: If a person is selling a house after having lived in the house of 5 years or more will get an…

Q: James and his wife, Carla sell their personal residence which they have occupied for three years on…

A:

Q: Brian purchased a block of land in June 1987 for $110,000. At the time that he acquired the land he…

A: Capital gain means the sale of assets like land, bond, stocks etc. on profit. The sale price of…

Q: In 2018, Joshua gave $10,500 worth of XYZ stock to his son. In 2019, the XYZ shares are worth…

A: Shares refer to the equity that represents the ownership interest in the organization. Shares are…

Q: Callie Cooper purchased two pieces of property in 1990: Property Q cost $15,000 and Property R cost…

A: Given data, Property Q cost = $15,000 Property R cost = $30,000 Property Q had appreciated in value…

Q: In 2020, George gifted his rental property to his favourite niece. The land had a fair market value…

A: The question is based on the concept of Taxation Accounting.

Q: Darrin owns a house with a FMV of $2,000,000 and acquisition indebtedness (first mortgage) of…

A:

Q: A few years ago, Michael purchased a home for $298,000. Today the home is worth $440,000. His…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: How much amortization may Ted deduct on his 2019 tax return for the purchased goodwill?

A:

Q: Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $270.000. He…

A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Amber sold her personal property in 2019, with details as follows: Cost…

A: An installment sale is agreement. In this agreement seller allow to buyer to payments over specific…

Q: Your 80-year-old uncle has an estate valued at over $10 million and asked for your advice regarding…

A: Steps that would be recommended to the uncle of 80-year age having an estate that is valued at over…

Q: Ethan (single) purchased his home on July 1, 2009. He lived in the home as his principal residence…

A: Gross income is total income earned by an individual during an accounting period usually from…

Q: Clara received from her Aunt Sona property with a FMV at the date of the gift of $30,000. Aunt Sona…

A: Asset sale occur when the assets ( tangible or intangible) is sold by the company. The sales can be…

Q: Chuck sold a tractor to a dealer for $16,000. He bought the tractor for $25,500 several years ago…

A: Ordinary income, also known as earned income, is money earned through business or employment. These…

Q: Father dies in 2018 and leaves his entire estate of $6,350,000 to Son.  Father’s estate pays…

A: Taxes paid  on Father's estate is $250,000 federal estate tax & $100,000 Illinois estate tax.…

Q: john's employer gave him gifts during 2020 and he's wondering what the tax impact will be to him. He…

A: As per income tax, a gift is any asset received by an individual or other without giving any…

Q: bought

A: sale price of a sculpture = $6,000 cost of a sculpture = $1500

Q: Oscar bought an $800,000 apartment building (his business) on July 28, 2020. On August 15, 2020, he…

A: The estimated useful life of an asset specified by IRS under MACRS system is 27.5 years for building…

Q: Manuela began renting her entire main home at fair rental value on May 1, 2008. When she converted…

A: As per MACRS, the rental property should be depreciated for 27.5 years and on a straight-line basis.

Q: A couple purchases a home in 1995 for $45,000 and finds that today in 2017 it is worth $95,000. They…

A: Inflation rate is 3%

Q: house worth $700,000,

A: John's estate property : House worth - $700,000.00 Company stock - $1,00,00,000.00 Vehicle -…

Q: Your client has occupied the residence she personally owns for four and a half years. The adjusted…

A: Amount realized by Kitty from sale of her house = $375,000 Selling expenses borne by her = $22,000…

Q: Kevin purchased a house 20 years ago for $100,000 and he has always lived in the house. Three years…

A: A. $ 0

Q: Which of the following estates will need to file a federal estate tax return assuming that the…

A: Hello, since you have posted a question with multiple sub-parts, we will solve first three subparts…

Q: Geoff purchased a life annuity for $4,800 that will provide him $100 monthly payments for as long as…

A: Income:   Income includes all the income that belong to the taxpayer, both taxable and non-taxable.…

Q: a decedent died on nov. 1,2020 leaving a family home composed of the following: conjugal house worth…

A: deductible amount of family home: conjugal house worth  = P 8,000,000 allowed deduction on conjugal…

Q: Clara received from her Aunt Sona property with a FMV at the date of the gift of $30,000. Aunt Sona…

A: Gift transferred from Clara to her aunt Sona, will not be treated as transfer in the sense of…