Question
Problem 10-29 (Algorithmic) (LO. 3, 4) Alicia sold her personal residence to Rick on June 30...
Problem 10-29 (Algorithmic) (LO. 3, 4) Alicia sold her personal residence to Rick on June 30 for $185,000. Before the sale, Alicia paid the real estate tax of $2,775 for the calendar year. For income tax purposes, the deduction is apportioned as follows: $555 to Alicia and $2,220 to Rick. What is Rick's basis in the residence? Previous Next > Suit Test for Grading
Answers
Purchase price $ 185,000 Less: Property taxes allocated to Rick (but paid by Alicia) $ 2,220 Rick's basis in the residence $ 182,780
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