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Calculate the amount realized on the sale

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Reference no: EM131788616

Problem

Elvin, a single taxpayer 45 years of age, sells his residence in 2015. He receives $35,000 in cash, and the buyer assumes his $100,000 mortgage. Elvin also pays $8,100 in commissions and transfer costs.

If an amount is zero, enter "0".

a. Calculate the amount realized on the sale.

b. If the residence was acquired in 1986, and its adjusted basis is $75,000, calculate the amount and nature of the taxable gain on the sale (assuming he does not purchase a new residence).

Reference no: EM131788616

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