Does a gain need to be recorded

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They sold their old residence on January 28, 2019 for $380,000. The basis of the their old residence, purchased in 2008, was $70,000. The selling expenses were $20,000. On May 17, 2018 they purchased and moved into another residence costing $150,000.

Question 1: Does a gain need to be recorded?

Reference no: EM132588918

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