Hi CPA, I bought my house in 1980 for $75,000. I talked to realtor, and the realtor believes that my husband and I can sale the property for at least $300,000. Supposing that this is the case and we sale the property in May of 2023, what will the tax consequences be? We have lived in the house since we bought it and have put in about $35,000 of improvements that we have documentation for. Also, the realtor estimates about $25,000 of closing costs for the sale. Thanks,
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- Hello, Can you help me with the below question? Three years ago, Louise bought a rental house for $450,000. Last year, she built a small addition for $50,000. In 2021, she decides to sell the house. She has taken depreciation of $21,000. What is Louise's adjusted basis? a.$450,000 b.$429,000 c.$500,000 d.$479,000Your 80-year-old uncle has an estate valued at over $10 million and asked for your advice regarding how to make sure that each of his heirs receive certain assets and that estate taxes are minimized. What steps would you recommend? Be sure to address such issues as wills, trusts, gifting, and probate.Ms. Brown purchased a property consisting of one acre of land and a building for $100,000 five years ago. She obtained an $80,000 mortgage loan from ABC Bank at that time. The building was very old and Ms. Brown has just had it torn down. She now wants to build a new building. Ms. Brown hopes to finance construction with ABC Bank and will call them soon to discussfinancing the new project. How will ABC Bank evaluate the possibility of making another loan to Ms. Brown?
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