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Chapter 12 Homework Question 5
Chapter 12 Homework
5. Marc, age 45, sells his personal residence on May 15, 2020, for $180,000. He pays $8,000 in selling expenses and $900 in repair expenses to help sell the residence. He has lived in the residence since 1994, when he purchased it for $55,000. In 2001, he paid $6,000 to install central air conditioning.
If Marc purchases a new principal residence in December of the current year for $162,000,what is the realized gain, recognized gain, and the basis for the new residence?
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