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How much gain or loss will she report for two transactions

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Question - Linda purchased two cars in 2018. A vintage Thunderbird for $72,000 and a Honda Accord for $29,000. Both cars were used solely for personal purposes. During the current year, she sold the Thunderbird for $85,000 and the Honda for $25,000. How much gain or loss will she report for these two transactions?

a. $9,000 gain

b. $4,000 loss

c. No gain or loss

d. $13,000 gain

Reference no: EM132798007

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