Ruth Rumsfeld Inherited a Home in 2012 That Had a Basis

question 89

True/False

Ruth Rumsfeld inherited a home in 2012 that had a basis to her of $100,000. She moved into the inherited home and made it her new principal residence. She sold her former principal residence she had lived in for the past six years for $90,000, realizing a gain of $20,000. She must report the $20,000 gain because she did not reinvest the proceeds in her new principal residence.

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