Ask Experts Questions for FREE Help !
Ask
    russmacmann's Avatar
    russmacmann Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 11, 2013, 03:49 PM
    Effect of deptreciation on home sale
    I purchased a home for $127,500 and rented it for 15 years taking a total deoreciation of $57,500 leaving an adjusted cost of $70,000 . The home is due to be sold for $80,000 leaving a net gain of $10,000. Is it correct that the total tax on this sale will be 25% of the net gain or $2500.

Check out some similar questions!

Effect on sale when debt paid off [ 5 Answers ]

A company pays off a long-term debt in full. Which one of the following statements describes the effect of the sale on the company? A. Current ratio decreases; total debt to equity ratio increases B. Current ratio decreases; total debt to equity ratio decreases C. Current ratio increases;...

Effect on sale from gross margin [ 4 Answers ]

A company makes a cash sale with a positive gross margin. Which one of the following statements describes the effect of the sale on the company? A. Current ratio increases B. Current ratio decreases C. No change to Juan Foods’ current ratio D. Insufficient information to judge effect on current...

Total effect + income effect = Substitution effect? [ 1 Answers ]

In intermediate economics we are told that Total Effect = Income effect + Substitution effect but in advance level this relation is changed to Total effect+income effect = substitution effect why is that? Please explain with logic

Schedule C home depreciation and effect on eventual sale of home in the future [ 1 Answers ]

I am debating if I should take depreciation on my personal home onto my federal schedule C. Let me explain, My gut feeling tells me that when I eventually sell my personal home I will be forced to add back all the depreciation I have taken on my schedule C for all those past years as income for...

Tax Effect of 501(c)(7) Sale of Asset [ 1 Answers ]

Does anyone know what the tax effect of a 501(c)(7) Tax-Exempt Corporation (Social Club for hunting & fishing) selling an asset is? This asset would be a portion of the land that the corporation owns. There are 39 members and most likely the net proceeds from the sale would be distributed...


View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.