Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2019 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
Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2019 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
Chapter4: Additional Income And The Qualified Business Income Deduction
Section: Chapter Questions
Problem 10MCQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT