Mitchell and debbie both 55 years old and married sell

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Mitchell and Debbie, both 55 years old and married, sell their personal residence to Sophie. Sophie pays $225,000 and assumes their $70,000 mortgage. To make the sale they pay $4,000 in commissions and $1,000 in legal costs. They have owned and lived in the house for seven years and their tax basis is $125,000. What is the amount of gain reconized on the sale?

Reference no: EM13584263

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