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What is the wong and su recognized gain

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Reference no: EM133104591

Question - Wong is married to Su and they file a joint return. On Jan 5, 2020 they sell their principal residence with an adjusted basis of $200,000 for $690,000. They have owned and occupied the residence for 15 years. They pay $35,000 in commissions and $2,000 in legal fees in connection with the sale. One month before the sale, Wong painted the exterior of the house at a cost of $5,000 and repaired various items at a cost of $3,000. On October 15, 2020, Wong purchases a new home for $600,000. What is the Wong and Su's recognized gain on the sale of the principal residence?

Reference no: EM133104591

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