T, a single individual, purchased a rental property for $500,000 in 2017. T took $100,000 of depreciation deductions between 2017 and 2020 when T converted the property to T's personal residence. In 2023. T sold the personal from the sale is included in T's Gross Income? residence for $525,000. Assuming T makes any election to minimize gain recognition on the sale, what amount?

Answer rating: 100% (QA)

To determine the taxable gain on the sale of the personal residence we need to calculate the adjuste... View the full answer