Marcus, single and age 58, sold his home for $625,000 after living there for 25 years. His selling expenses were $15,000 and his adjusted basis in that home was $275,000. What is the maximum gain that Marcus must report in connection with the sale of his principal residence? a) $0. b) $85,000. c) $335,000. d) $350,000.
Marcus, single and age 58, sold his home for $625,000 after living there for 25 years. His selling expenses were $15,000 and his adjusted basis in that home was $275,000. What is the maximum gain that Marcus must report in connection with the sale of his principal residence? a) $0. b) $85,000. c) $335,000. d) $350,000.
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 11BCRQ
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Transcribed Image Text:Marcus, single and age 58, sold his home for $625,000 after living there for 25
years. His selling expenses were $15,000 and his adjusted basis in that home
was $275,000. What is the maximum gain that Marcus must report in
connection with the sale of his principal residence?
a) $0.
b) $85,000.
c) $335,000.
d) $350,000.
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