Carolyn a single taxpayer sold her primary residence for, Ask an Expert

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Carolyn ,a single taxpayer, sold her primary residence for $450,000 in 2016. Costs of sale were $25,000. Her original cost for residence at acquisition in 2011 was $145,000. She added a swimming pool for $20,000 in 2013. She purchased a new principal residence in 2016 for $325,000. What are Carolyn's tax consequences on the sale of her principal residence and what is the adjusted basis of her new principal residence?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92323671

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