Chris purchased a personal residence for $66,000. It had a fair market value of $80,000 when it was damaged by a huge fire. The fair market value after the fire was $40,000 and insurance proceeds for the casualty totaled $15,000. What is the net amount of casualty loss he can claim for 2018 if his adjusted gross income is $20,000? $0 $11,000 $22,900 $23,000 $25,000

Which of the following statements is false? A realized loss from involuntary conversion, even from a personal residence, will always be recognized. An individual can count short temporary absensces, such as form vacations, as time lived in the home even if the individual rented out the home during the absences. A principal residence can be stock held by a tenant-stockholder in a cooperative housing corporation. If an individual has more than one home, only the sale of the individual's main home qualifies for the excusion of gain.

On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence which had an adjusted basis of $150,000. Sam purchased the home in 2013 and used it as his personal principal residence for the last three years. On May 1, 2018, he purchased a new residence for $520,000. For 2018, Sam should recognize a gain on the sale of his residence of: $10,000 $250,000 $260,000 $0

Jody purchased a home in a suburb of Milwaukee for $300,000 on October 1, 2016. Eighteen months later, her employer transferred her to Minneapolis and Jody sold her home for $340,000. How much of Jody's gain form the sale of her Milwaukee home can be excluded from her gross income? $0 $10,000 $30,000 $40,000

Bobby and Betty Bennett sold for $450,000 in October of 2018 their residence that they had purchased in 2008 for $200,000. They made major capital improvements during their10-year ownership totaling $40,000. What is their recognized gain? $0 $210,000 $250,000 $450,000 None of the above.

Suppose instead that in the preceding problem the Bennetts sold their home for $800,000. They moved into a smaller home costing $250,000. How much gain must they recognize? $560,000 $60,000 $500,000 $310,000 None of the above.