The house is mary and jerrys community property what is the, Financial Management

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The house is mary and jerrys community property what is the

Tim bought a house for $500,000 in 2005 in California. When his daughter Mary got married in August 2014, he gave the house to Mary as a wedding gift. The fair market value of the house was $800,000. Mary and her husband Jerry have lived in the house since then.

1. The house is Mary and Jerry’s community property (True or False)

2. How much is the taxable gift? If Mary and Jerry sell the house for $900,000 in April 2017:

3. What is the amount of capital gain? Is the capital gain long term or short term?

4. How much is the capital gain tax assuming their income tax rate is 28%?

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