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What are the tax consequences to sophia on the sale

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Question: Luca and Sophia's divorce was finalized on March 1, 2019. Under the divorce agreement, each got 1/2 ownership of their home. A few months later, Luca sold his 1/2 interest to Sophia. Sophia paid to Luca 1/2 the FMV of the home or $500,000. They originally purchased the house for a total of $600,000. On January 1, 2022, Sophia decided to move and sold the home for $1,300,000. What are the tax consequences to Sophia on the sale of the home?

Reference no: EM133569595

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