Determining the realized gain-recognized gain


On July 1, 2013, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $35,000. The expenses associated with the sale of his house total $20,000. On December 15, 2013, Ted purchases and occupies a new residence at a cost of$175,000. Calculate Ted's realized gain, recognized gain and also the adjusted basis of his ne residence

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Finance Basics: Determining the realized gain-recognized gain
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