Essay
In 2006,Regina purchased a home in Las Vegas which cost $280,000. Due to increase in the market value of the home,she refinanced her mortgage and her debt on the home totaled $300,000 at the end of 2007. Regina accepted a new job in Dallas in April 2012. Unable to sell her home,she rented it in November 2012,at which time its fair market value was $240,000. In June,2014,she sold the home for $230,000. What tax issues should Regina consider?
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Is the home a capital asset since she ha...View Answer
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