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Manny and Diedre, both 42 years old and married, sell their personal residence to Sandra. Sandra pays $225,000 and assumes their $70,000 mortgage. To make
Manny and Diedre, both 42 years old and married, sell their personal residence to Sandra. Sandra pays $225,000 and assumes their $70,000 mortgage. To make the sale they pay $18,000 in commissions and $2,000 in legal costs. They have owned and lived in the house for seven years and their tax basis is $125,000. What is the amount of gain recognized on the sale
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