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Jane's personal residence property has been condemned by the city government. She has an adjusted basis of $26,000 and was paid $36,000 by the city
Jane's personal residence property has been condemned by the city government. She has an adjusted basis of $26,000 and was paid $36,000 by the city in 2019. Jane realized the $10,000 gain and also purchased a like-kind property for $35,000 to replace the property. Jane properly elected to defer the gain on her 2019 tax return. What is the net taxable gain and where is it reported?
Group of answer choices
$36,000 on Schedule D
$1,000 on Schedule D
$1,000 on Form 1040 Schedule 1
$26,000 loss on Form 4684
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