Thomas purchased his home for $500,000 five years ago. Although he has made no improvements to the home, it has apprecia
Posted: Thu May 19, 2022 2:13 pm
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
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