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QUESTION
Nate sold his main home for $400,000. He paid commissions totaling $20,000. Nate, who is single, purchased the home 15 years ago for $110,000.
- Nate sold his main home for $400,000. He paid commissions totaling $20,000. Nate, who is single, purchased the home 15 years ago for $110,000. Over the years, he has spent $13,000 on improvements and $22,000 on repairs to the home. Nate's recognized gain is:
- $0
- $20,000.
- $7,000.
- $270,000.
- $257,000.
