Problem related to cpa, Tammy called and wanted to let you

Problem related to cpa

Reference no: EM13129012

In 2001, Tammy bought a home with her parents for $300,000, (assuming Tammy has 1/3 ownership). The home was upgraded for new solar panels costing $30,000. Two years later, her father died and just last year, her mother passed away. Saddened, Tammy finally moved out in January 2011. She plans to rent out the home for $1,200 per month, and had already spent $9,000 painting the house, inside and out.

Tammy called and wanted to let you know her new situation. Her real estate agent advised her that the home was worth $570,000 when her father died, and $450,000 when her mother died. As her CPA, how would you advise her?

Reference no: EM13129012

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Problem related to cpa : Tammy called and wanted to let you know her new situation. Her real estate agent advised her that the home was worth $570,000 when her father died, and $450,000 when her mother died. As her CPA, how would you advise her?

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