In 2011,Linda sold her personal residence to Tom for $300,000.Before the sale,Linda paid the real estate taxes of $8,030 for the calendar year.For income tax purposes,the deduction is apportioned as follows: $4,400 to Linda and $3,630 to Tom.
a.What is Tom's basis in the residence?
b.What is Linda's amount realized from the sale of the residence?
c.What amount of real estate taxes can Tom deduct?
d.What amount of real estate taxes can Linda deduct?

Question

Quizplus · Accepted Answer

The Answer of In 2011,Linda sold her personal residence to Tom for $300,000.Before the sale,Linda paid the real estate taxes of $8,030 for the calendar year.For income tax purposes,the deduction is apportioned as follows: $4,400 to Linda and $3,630 to Tom.
a.What is Tom's basis in the residence?
b.What is Linda's amount realized from the sale of the residence?
c.What amount of real estate taxes can Tom deduct?
d.What amount of real estate taxes can Linda deduct?

In 2011,Linda Sold Her Personal Residence to Tom for $300,000