Bob Owns a Rental Property That He Bought Several Years

question 77

Multiple Choice

Bob owns a rental property that he bought several years ago for $250,000. He has taken depreciation on the house of $35,000 since buying it. He sells it in 2015 for $290,000. His selling expenses were $12,000 for the year. What was Bob's realized gain on the sale?

• A)$18,000
• B)$53,000
• C)$63,000
• D)$77,000
• E)None of the above

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