Ms. Seagram paid $155,000 for a house that she occupied as her principal residence until February 1,
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Ms. Seagram paid $155,000 for a house that she occupied as her principal residence until February 1, when she moved out and converted the house to rental property. The appraised FMV of the house was $140,000. She leased the house to tenants who purchased it on November 18. Her realized loss on the sale was $24,700, computed as follows.
Transcribed Image Text:
Amount realized $125,000 Original cost basis $155,000 MACRS depreciation during rental period (5,300) Adjusted basis (149,700) $ (24,700)
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Related Book For
Principles Of Taxation For Business And Investment Planning 2020
ISBN: 9781259969546
23rd Edition
Authors: Sally Jones, Shelley Rhoades Catanach
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