Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2016 for

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Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2016 for $190,000. Oscar’s basis in the residence is $45,000, and his selling expenses are $11,000. If Oscar does not buy a new residence, what is the taxable gain on the sale of his residence?

a. $145,000
b. $134,000
c. $45,000
d. $9,000
e. $0

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Related Book For  answer-question

Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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