In 2012,Regina Purchased a Home in Las Vegas Which Cost

question 119

Essay

In 2012,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 2014.Regina accepted a new job in Dallas in April 2015.Unable to sell her home,she rented it in November 2015,at which time its fair market value was $240,000.In June 2017,she sold the home for $230,000.What tax issues should Regina consider?

---

Definitions:

Lifestyle

The way in which a person or group lives, including their behaviors, attitudes, values, and consumption habits.

Affluent Neighborhoods

Areas or localities where the residents have higher than average wealth and income levels, typically characterized by expensive homes and high living standards.

Fine Dining

A style of eating that involves high-quality food, exceptional service, and often expensive, elegant settings.

Planned Shopping Center

A deliberately designed shopping facility with one or more buildings that house a variety of stores and services catering to consumer needs.