A woman sold her residence of 3 years for $96,500 and immediately invested in another residence at a sales price of $150,000. Assuming a basis of $46,500 in the original property, how much taxable gain will she have to report on this sale?

Question

Quizplus · Accepted Answer

A single taxpayer can exclude up to $250,000 of gain from the sale of a principle residence that she lived in 2 of the last 5 years.

A Woman Sold Her Residence of 3 Years for $96,500