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Calculate larry realized gain and recognized gain

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Reference no: EM131716077

Question - Sale of a Personal Residence

Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2016, for $148,000. He lived in the house for 7 years. The expenses of the sale are $9,000, and he has made capital improvements of $7,000. Larry's cost basis in his residence is $85,000. On November 30, 2016, Larry purchases and occupies a new residence at a cost of $148,000.

Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.

Reference no: EM131716077

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