Anita sold for $60,000 her home that she purchased ten years ago for $20,000.She then purchased another home a month later for $70,000.Her capital gain on the sale of the first home was

Question

Quizplus · Accepted Answer

Capital gain is calculated by subtracting the purchase price from the selling price. Anita sold her home for $60,000, which she purchased for $20,000. Therefore, her capital gain is $60,000 - $20,000 = $40,000.

Anita Sold for $60,000 Her Home That She Purchased Ten