Bruce, a single taxpayer, has been transferred by his company to Philadelphia. He sold his house for
Question:
Bruce, a single taxpayer, has been transferred by his company to Philadelphia. He sold his house for $650,000 and he had an adjusted basis of $330,000. He owned and lived in the home for 18 months. What is his capital gain from the sale of the personal residence?
a. $0.
b. $132,500 LTCG.
c. $187,500 LTCG.
d. $320,000 LTCG.
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Related Book For 
Fundamentals Of Financial Planning
ISBN: 9781936602094
3rd Edition
Authors: Michael A Dalton, Joseph Gillice
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