Thomas purchased his home for $500,000 five years ago. Although he has made no improvements to the home, it has apprecia

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answerhappygod
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Thomas purchased his home for $500,000 five years ago. Although he has made no improvements to the home, it has apprecia

Post by answerhappygod »

Thomas purchased his home for $500,000 five years ago. Although
he has made no improvements to the home, it has appreciated
considerably and is currently worth $800,000. Assuming in 2021,
Thomas obtains a $40,000 second mortgage on his home and uses the
proceeds to purchase a personal auto. Thomas must report $40,000 as
income in 2021 Select one: True False
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