During 2016,Howard and Mabel,a married couple,decided to sell their residence.The residence has a basis of $162,000 and has been owned and occupied by them for 11 years.The house was sold in May for $395,000 with broker's commissions and other selling expenses being $24,000.They purchased a new residence in June for $400,000.What is the adjusted basis of the new residence?
A)$0
B)$141,000
C)$162,000
D)$191,000
E)None of the above

Question

Quizplus · Accepted Answer

The Answer of During 2016,Howard and Mabel,a married couple,decided to sell their residence.The residence has a basis of $162,000 and has been owned and occupied by them for 11 years.The house was sold in May for $395,000 with broker's commissions and other selling expenses being $24,000.They purchased a new residence in June for $400,000.What is the adjusted basis of the new residence?
A)$0
B)$141,000
C)$162,000
D)$191,000
E)None of the above

During 2016,Howard and Mabel,a Married Couple,decided to Sell Their Residence