Question: Several years ago Agnes and Wyman Booth bought a home
Several years ago, Agnes and Wyman Booth bought a home for $ 200,000. They lived in the home for 10 years and then moved into an apartment. Unable to immediately sell the home, starting in 2010 they rented it for two years, earning $ 24,000 in rents, and taking $ 14,000 in depreciation. After the two rental years, the Booths exchanged the house for $ 30,000 cash and a duplex worth $ 300,000. The Booths will hold the duplex as rental property. How much taxable income do the Booths have from the exchange?
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