Kayla purchased a home in January, fixed it up, and then sold the property in May of the same year for a gain of $45,000. What type of capital gain is this

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Maryjasmine3599 Maryjasmine3599

07-04-2022
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Kayla purchased a home in January, fixed it up, and then sold the property in May of the same year for a gain of $45,000. What type of capital gain is this

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-04-15T11:52:42+02:00

The fact that Kayla purchased a home in January, fixed it up, and then sold the property in May of the same year depicts a short term capital gain.

What is capital gain?

Capital gain simply means an increase in the value of an asset when it's sold.

Since she purchased a home in January, fixed it up, and then sold the property in May of the same year for a gain of $45,000, it's a short terms capital gain.

Learn more about capital gain on:

https://brainly.com/question/9144560