Kitty, Who Is Single, Sells Her Principal Residence, Which She

question 129

True/False

Kitty, who is single, sells her principal residence, which she has owned and occupied for 8 years, for $375,000. The adjusted basis is $64,000, selling expenses are $22,000, and repairs to make the house more marketable are $7,000. Her recognized gain is $32,000.

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