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This is for 2018 tax prep for 2017 tax year 28. In the current year, 70 year-old Jeanette sells her personal residence of the last
This is for 2018 tax prep for 2017 tax year
28. In the current year, 70 year-old Jeanette sells her personal residence of the last 40 years for $365,000. Jeanette's basis in her residence is $70,000. The expenses associated with the sale of her home total $20,000. Jeanette decides to move in with her daughter rather than purchase a new residence. Calculate Jeanette's realized gain and recognized gain on the sale of her residence. Realized gain Recognized gainStep by Step Solution
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