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What is Susan taxable gain on the sale

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Reference no: EM132704369

Problem - Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since she purchased it. In 2018, she sells her home for $200,000. What is Susan's taxable gain on the sale?

a. $0

b. $20,000

c. $250,000

d. $170,000

Reference no: EM132704369

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