Multiple Choice
On August 8, 2014, 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, 2014, he purchased a new residence for $80,000. For 2014, Sam should recognize a gain on the sale of his residence of:
A) $0
B) $25,000
C) $50,000
D) $130,000
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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