Joy purchased a home in Maine on December 15, 1999 for $250,000 and lived in it full-time

Question:

Joy purchased a home in Maine on December 15, 1999 for $250,000 and lived in it full-time until she purchased a second home in Florida on October 1, 2013 for $380,000. In 2013 and 2014 she continued to have her primary residence in Maine. On October 1, 2015, however, she changed her primary residence to Florida. She needs to sell one of these homes before the end of 2018 as she needs cash for an investment opportunity. If she expects a minimum gain of $200,000 on either home, which home do you recommend she sell?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Taxation For Decision Makers 2019

ISBN: 9781119497288

9th Edition

Authors: Shirley Dennis Escoffier, Karen A. Fortin

Question Posted: