Katrina, Age 58, Rented (As a Tenant) the House That

question 45

Essay

Katrina, age 58, rented (as a tenant) the house that was her principal residence from January 1, 2018 through December 31, 2019. She purchased the house on January 1, 2020, for $150,000 and continued to occupy it through June 30, 2021. She leased it to a tenant from July 1, 2021, through December 31, 2022. On January 1, 2022, she sells the house for $350,000. She incurs a realtor's commission of $20,000. Calculate her recognized gain if her objective is to minimize the recognition of gain and she does not intend to acquire another residence.

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Definitions:

Urgent Claims

Demands or requests that require immediate attention or action due to their critical nature.

Nascent Entrepreneurs

Individuals who have set up a business they will own or co-own that is less than 3 months old and has not yet generated wages or salaries for the owners.

Generated

Created, produced, or brought into existence through a process or action.

Mobile Tool

A portable software application or platform designed to perform specific tasks on mobile devices.