Tony and Faith sell their home for $495,000, incurring selling expenses of $25,000. They purchased the residence for $85,000 and made capital improvements totaling $20,000 during the 20 years they lived there. What is their realized gain and recognized gain on the sale?

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The Answer of Tony and Faith sell their home for $495,000, incurring selling expenses of $25,000. They purchased the residence for $85,000 and made capital improvements totaling $20,000 during the 20 years they lived there. What is their realized gain and recognized gain on the sale?

Tony and Faith Sell Their Home for $495,000, Incurring Selling