Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the
Question:
Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since she purchased it. In 2020, she sells her home for $200,000. What is Susan’s taxable gain on the sale?
a. $0
b. $20,000
c. $250,000
d. $170,000
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Related Book For
Income Tax Fundamentals 2021
ISBN: 9780357141366
39th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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