What is the realized gain - recognized gain

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Reference no: EM13718654

Sale of a Principal Residence. Marc, age 45, sells his personal residence on May 15, 2014, for $180,000. He pays $8,000 in selling expenses and $900 in repair expenses to help sell the residence.

He has lived in the residence since 1980, when he purchased it for $55,000. In 1996, he paid $6,000 to install central air conditioning.

If Marc purchases a new principal residence in December of the current year for $162,000,

What is the realized gain, recognized gain, and the basis for the new residence?

Reference no: EM13718654

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