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What is sally gain or loss

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Question - Sally moves out of her home to a new apartment. She decides that instead of selling the home that she would rent it instead.

At the time of the conversion the FMV of the house was $150,000. Sally's basis was $200,000.

After 3 years of renting Sally decides to sell the house. The house sells for $175,000. What is Sally's gain or loss?

Reference no: EM131771275

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