Business, 19.12.2019 19:31 jayjay5246

During 2018, ted and judy, a married couple, decided to sell their residence, which had a basis of $300,000. they had owned and occupied the residence for 20 years. to make it more attractive to prospective buyers, they had the outside painted in april at a cost of $6,000 and paid for the work immediately. they sold the house in may for $880,000. broker's commissions and other selling expenses amounted to $53,000. since they both are age 68, they decide to rent an apartment. they purchase an annuity with the net proceeds from the sale.
what is the recognized gain?
527000
0
27000
17000

Answers: 3

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During 2018, ted and judy, a married couple, decided to sell their residence, which had a basis of $...