Nicki is single and 46 years old.She sells her principal residence (adjusted basis $200,000)that she purchased ten years ago for $435,000.
a.What is the amount of Nicki's recognized gain on the sale?
b.Assume instead that Nicki sells the residence for $485,000.What is the amount of Nicki's recognized gain on the sale?
c.Assume instead that Nicki has been married to Mike for the entire time they have owned and lived in the home.If they sell the home for $485,000,what is the amount of their recognized gain on the sale?

Question

Quizplus · Accepted Answer

The Answer of Nicki is single and 46 years old.She sells her principal residence (adjusted basis $200,000)that she purchased ten years ago for $435,000.
a.What is the amount of Nicki's recognized gain on the sale?
b.Assume instead that Nicki sells the residence for $485,000.What is the amount of Nicki's recognized gain on the sale?
c.Assume instead that Nicki has been married to Mike for the entire time they have owned and lived in the home.If they sell the home for $485,000,what is the amount of their recognized gain on the sale?

Nicki Is Single and 46 Years Old