Sale of a Personal Residence (LO 4.6)

Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2021, for $167,600. He lived in the house for 7 years. The expenses of the sale are $11,732, and he has made capital improvements of $5,028. Larry's cost basis in his residence is $97,208. On November 30, 2021, Larry purchases and occupies a new residence at a cost of $209,500.

Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.

If an amount is zero, enter "0".

a. Realized gain	$fill in the blank 1
b. Recognized gain	$fill in the blank 2
c. Adjusted basis of new residence	$fill in the blank 3