Jordan and Brianna moved from Virginia to Arizona where they purchased a new home for $950,000. They had lived in their old house for 9 years before selling it for $750,000. They had purchased it for $300,000. What is their taxable gain, and what is their basis in their new house?

Answer rating: 100% (QA)

To calculate their taxable gain we first need to find the difference b... View the full answer