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Author Question: Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang. ... (Read 78 times)

lb_gilbert

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Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs. They have owned and lived in the house for seven years and their tax basis is $200,000. What is the amount of gain recognized on the sale?
◦ $0
◦ $20,000
◦ $50,000
◦ $520,000


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Marked as best answer by lb_gilbert on Sep 13, 2020

lkanara2

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lb_gilbert

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


Jossy

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Reply 3 on: Yesterday
:D TYSM

 

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