Thanks for explaining question and provide answer to above question explaining h

Question

Thanks for explaining question and provide answer to above question explaining how to use work Sheet. Thank you.

TAX FORM/RETURN PREPARATION PROBLEMS 12-55On Oct 12-55 On October 29, 2014, Miss Joan Seely (SSN 123-45-6789) sells her principal residence for $150,000 cash. She purchased the residence on May 12, 2005, for $85,000. She spen $12,000 for capital improvements in 2005. To help sell the house, she pays $300 for mino repairs. The realtor's commission amounts to $7,500. Her old residence is never rented ou or used for business. Complete the worksheet on page 12-24 for Miss Seely for 2014 or used for business. Complete the worksheet on page 12-24 for Miss Seely for 2014

Explanation / Answer

Calculation of Adjusted Cost

Basic cost

Taxable gain on sale of home Selling price of home 1,50,000 Less:Selling Expenses(Including commission, advertising and legal fees and seller paid loan charges)                        7,500 Net Selling Price 1,42,500 Less:Adjusted cost of home 97,300 Gain or (Loss) on sale of home 45,200

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.