Bob and Elizabeth Brown,a married couple,sell their personal residence to Tamel.Tamel pays $660,000 and assumes their $90,000 mortgage.To make the sale,the Browns pay $20,000 in commissions and $10,000 in legal costs.The couple has 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?

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The Answer of Bob and Elizabeth Brown,a married couple,sell their personal residence to Tamel.Tamel pays $660,000 and assumes their $90,000 mortgage.To make the sale,the Browns pay $20,000 in commissions and $10,000 in legal costs.The couple has 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?

Bob and Elizabeth Brown,a Married Couple,sell Their Personal Residence to Tamel.Tamel