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Does a gain need to be recorded

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Question - 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. Does a gain need to be recorded?

Reference no: EM132589042

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