In March of this year, Susan Sharp sold her principal residence for a total price of $408,000.
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In March of this year, Susan Sharp sold her principal residence for a total price of $408,000. Susan sold the house due to a job transfer out of state. She received the house as a gift 18 months ago when its fair market value was $50,000. Susan made $20,000 of improvements to the house and paid realtor commissions of $23,000.
What amount must be recognized on the sale of Susan Sharp's residence?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: