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31 August, 13:26

On August 8, 2018, Sam, single, age 62, sold for $210,000 his principal residence, which he has lived in for 10 years, and which had an adjusted basis of $60,000. On November 1, 2018, he purchased a new residence for $80,000. For 2018, Sam should recognize a gain on the sale of his residence of:

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  1. 31 August, 15:03
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    Profit of $130,000

    Step-by-step explanation:

    property is sold at $210,000

    then he purchased a new residence for $80,000

    the recognized gain on the sail of his residence is equal to

    = $210,000 - $80,000

    = $130,000

    hence the owner has the profit of $130,000 on the sale of his residence.
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