In November, 2014, 70 year-old Jeanette sells her personal residence of the last 40 years for $360,000. Jeanette's basis in her residence is $60,000. The expenses associated with the sale of her home total $15,000. 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.
a.Realized gain
b.Recognized gain

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The Answer of In November, 2014, 70 year-old Jeanette sells her personal residence of the last 40 years for $360,000. Jeanette's basis in her residence is $60,000. The expenses associated with the sale of her home total $15,000. 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.
a.Realized gain
b.Recognized gain

In November, 2014, 70 Year-Old Jeanette Sells Her Personal Residence