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Author Question: Nicki is single and 46 years old. She sells her principal residence (adjusted basis $200,000) that ... (Read 38 times)

Evvie72

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Nicki is single and 46 years old. She sells her principal residence (adjusted basis $200,000) that she purchased ten years ago for $435,000.
a. What is the amount of Nicki's recognized gain on the sale?
b. Assume instead that Nicki sells the residence for $485,000. What is the amount of Nicki's recognized gain on the sale?
c. Assume instead that Nicki has been married to Mike for the entire time they have owned and lived in the home. If they sell the home for $485,000, what is the amount of their recognized gain on the sale?


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Marked as best answer by Evvie72 on Sep 13, 2020

fwbard

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Evvie72

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Reply 2 on: Sep 13, 2020
Excellent


kswal303

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Reply 3 on: Yesterday
:D TYSM

 

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