Walter a single taxpayer sells a house that owns on june 1, 2016for 500,000. He purchased the house on jan 1 2008, for 200000 andused the house ashis personal residence until may 21, 2015. Heallowed a friend to live in the house from une 1, 2015 til may 31,2016. unfortunately a spat with the friend ended the rent freeagreement. The huse had an adjusted basis at the date of sale200000. Walter used the sales proceeds to purchase a new house at acost of 450000. A. How much gain is recognized by walter on the sale of thehouse? Rcognized Gain = ? B. What is the basis of the new house purchased by walter? Basis of new home =? Please Show Work . . .
https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png 0 0 Paul https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png Paul2021-05-04 01:58:192021-05-04 01:58:19Walter a single taxpayer sells a house that owns on june 1, 2016for 500,000. He purchased the house