Q: 11
Ryan, age 57, is single with no dependents. On July 1, 1997, Ryan's principal residence was sold for
the net amount of $500,000 after all selling expenses. Ryan bought the house in 1963 and occupied it
until sold. On the date of sale, the house had a basis of $180,000. Ryan does not intend to buy
another residence. What is the maximum exclusion of gain on sale of the residence that may be
claimed in Ryan's 1997 income tax return?
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