You purchased and lived in your home 8 years.Now you have received an excellent promotion,but you will have to sell your home and move to another community.The capital gains on the home sold will
A) be taxable as ordinary income.
B) be taxable at the 15% tax bracket.
C) be taxable at the appropriate long-term capital gains rate.
D) not be taxable because the home was your principal residence.
E) not be taxable because this is a job-related move.
Correct Answer:
Verified
Q99: Ben and Jack both earned $60,000 this
Q100: Molly and Jason were married.Their only "dependent"
Q101: Buddy Slaton has only one itemized deduction
Q102: Molly and Justin are considering contributing $5,000
Q102: Itemized nonbusiness expenses do not include
A)charitable contributions.
B)state
Q103: Connie is a 20 year old college
Q105: Murray (age 68,single)just sold his home of
Q106: The total amount that you owe for
Q108: For 2011,each personal exemption reduced taxable income
Q113: If you do not wish to itemize
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents