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Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 since buying it.
Bob owns a rental property that he bought several years ago for $260,000. He has taken depreciation on the house of $37,000 since buying it. e sells it in 2011 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized gain on the sale? a. $30,000 b.$55,000 c.$67,000 d.$18,000 e.none of the above
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