Solved: Sarah single purchased a home on january 1 2008 for 600000, Accounting Basics

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Sarah single purchased a home on january 1 2008 for 600000

Question - Sarah (single) purchased a home on January 1, 2008 for $600,000. She eventually sold the home for $810,000. Sarah used the property as a vacation home through December 31, 2013. She then used the home as her principal residence from January 1, 2014 until she sold it on January 1, 2016. What amount of the gain on the sale does Sarah recognize?

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Accounting Basics: Sarah single purchased a home on january 1 2008 for 600000

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