Sophia, a single taxpayer, bought her home in Santa Clara 30 years ago for $75,000. She has lived continuously in the home since she purchased it. In the current year, she sells her home for $460,000. What is Sophia's taxable gain on the sale?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 40P
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What is Sophia's taxable gain on the sale?

Sophia, a single taxpayer, bought
her home in Santa Clara 30 years
ago for $75,000. She has lived
continuously in the home since
she purchased it. In the current
year, she sells her home for
$460,000. What is Sophia's
taxable gain on the sale?
Transcribed Image Text:Sophia, a single taxpayer, bought her home in Santa Clara 30 years ago for $75,000. She has lived continuously in the home since she purchased it. In the current year, she sells her home for $460,000. What is Sophia's taxable gain on the sale?
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