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Calculate the gain realized on the sale of stewart residence

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Question - Stewart, age 44, sells his personal residence of four years on June 14, current tax year for $185,000. The expenses of sale are $15,000 and he has paid for capital improvements of $3,000. Stewart's basis in the residence is $ 100,000. On February 2, the following year, Stewart purchases and occupies a new residence at a cost of $200,000. Calculate the gain realized on the sale of Stewart's residence.

Reference no: EM131596927

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Calculate the gain realized on the sale of stewart residence : Stewart, age 44, sells his personal residence of four years on June 14, current tax year for $185,000. Calculate the gain realized on sale of Stewarts residence
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