Bob and Elizabeth,both 55 years old and married,sell their personal residence to Wolfgang.Wolfgang pays $660,000 and assumes their $90,000 mortgage.To make the sale they pay $20,000 in commissions and $10,000 in legal costs.They have owned and lived in the house for seven years and their tax basis is $200,000.What is the amount of gain recognized on the sale?
A)$0
B)$20,000
C)$50,000
D)$520,000

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The Answer of Bob and Elizabeth,both 55 years old and married,sell their personal residence to Wolfgang.Wolfgang pays $660,000 and assumes their $90,000 mortgage.To make the sale they pay $20,000 in commissions and $10,000 in legal costs.They have owned and lived in the house for seven years and their tax basis is $200,000.What is the amount of gain recognized on the sale?
A)$0
B)$20,000
C)$50,000
D)$520,000

Bob and Elizabeth,both 55 Years Old and Married,sell Their Personal