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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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f489ad1-3bc5-4b16-924b-483999140411%2Fc4211bed-7b44-454c-9b3f-fdb248d07b4f%2Fesg7q2b.jpeg&w=3840&q=75)
Transcribed Image Text: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
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