Author Question: Hannah, a single taxpayer, sold her primary residence on January 1, 2016. Her total realized gain is ... (Read 96 times)

chandani · **on:** Sep 13, 2020

Question 1

Generally, a full exclusion of gain under Sec. 121 upon the sale of a personal residence applies to only one sale or exchange every
◦ six months.
◦ year.
◦ two years.
◦ five years.

Question 2

Hannah, a single taxpayer, sold her primary residence on January 1, 2016. Her total realized gain is $210,000. The house was acquired on January 1, 2006 and rented to tenants until December 31, 2012. Hannah moved in on January 1, 2013 and used the house as her principal residence until the sale. During the rental period, $30,000 of depreciation was deducted. Due to the sale of the house in 2016, Hannah will recognize a gain of
◦ $210,000.
◦ $30,000.
◦ $72,000.
◦ $102,000.

succesfull · **Reply #1 on:** Sep 13, 2020

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