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How much is the gain on sale of the residence

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Question - Bill and Pam have been in their NJ home for quite a number of years. Assume they purchased it on 1/01/90 for $150,000, sold it on 1/01/15 for $360,000, incurred closing costs of $10,000 upon sale, and purchased the condo in Florida for $300,000.

1. How much is the gain on sale of the residence and how is it treated for tax purposes?

2. What is the basis of the new Florida condo?

Reference no: EM132075987

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