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Required information Problem 1 4 - 3 9 ( LO 1 4 - 2 ) ( Algo ) [ The following information applies to the
Required information
Problem LO Algo
The following information applies to the questions displayed below.
Leticia and Stephanie Sims purchased a home in Spokane, Washington, for $ They moved into the home on February of year They lived in the home as their primary residence until June of year when they sold the home for $
Note: Leave no answer blank. Enter zero if applicable.
Problem Part c Algo
c Assume the same facts as in part b except that the Simses live in the home until January of year when they purchase a new home and rent out the first home. What amount of realized gain on the sale of the home will the Simses include in taxable income if they sell the first home on June of year for $
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