Calculate the Gain/ Loss: #1 They owned a rental home for the past decade in Hilton Head
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Calculate the Gain/ Loss:
#1 They owned a rental home for the past decade in Hilton Head which they sold this year. They had been using it as a rental property. They sold the home for $750,000 and their basis was $425,000. $100,000 of the gain is 25% gain. (Note: Assume none of this gain is tax exempt)
#2 They sold some Clemson Tigers memorabilia they had been collecting over the past thirty years. Their basis in the memorabilia was $10,000 and they sold it for $22,000.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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