Gilbert purchased a home for $200,000 in 2012. For the last ten years, he has owned and used the home as his principal residence. On July 17, 2022, Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000. What is the amount and character of the recognized gain or loss from the sale on July 17, 2022? Oa. $280,000 long-term capital gain O b. $70,000 long-term capital gain Oc No gain or loss Od. $30,000 long-term capital gain $300,000 long-term capital gain O e
Gilbert purchased a home for $200,000 in 2012. For the last ten years, he has owned and used the home as his principal residence. On July 17, 2022, Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000. What is the amount and character of the recognized gain or loss from the sale on July 17, 2022? Oa. $280,000 long-term capital gain O b. $70,000 long-term capital gain Oc No gain or loss Od. $30,000 long-term capital gain $300,000 long-term capital gain O e
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 20MCQ
Related questions
Question
Transcribed Image Text:Gilbert purchased a home for $200,000 in 2012. For the last ten years, he has owned and used the home as his principal residence. On July 17,
2022, Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000.
What is the amount and character of the recognized gain or loss from the sale on July 17, 2022?
O
a. $280.000 long-term capital gain
Ob. $70,000 long-term capital gain
No gain or loss
d. $30,000 long-term capital gain
$300,000 long-term capital gain
DC.
e.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT