Stewart sells his personal res

timer Asked: Dec 12th, 2015

Question description

Stewart sells his personal residence of 4 years on June 14, 2014 for $185,000. The expense of sale are $15,000, he paid for capital improvement of $3000.00. Stewart purchases and occupies a new residence at a cost of $200,000.

Calculate the gain realized on the sale of Stewart's residence?

How much gain must be recognized on the sale of Stewart residence?

Stewart's basis in the new residence?

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