Under a divorce settlement, Joan transferred her 50% ownership of their personal residence to Jim. The joint basis of the residence was $200,000. At the time of the transfer, the property’s fair market value was $300,000. What was Joan’s recognized gain and Jim’s basis for the residence?

Decker, a 62-year-old single individual, sold his principal residence for the net amount of $500,000 after all selling expenses. Decker bought the house 15 years ago and occupied it until it was sold. On the date of sale, the house had a cost basis of $200,000. Within six months, Decker purchased a new house for $600,000. What amount of gain should Decker recognize from the sale of the residence?

For a move of principal residence within the United States due to a change in job, which expenses can be deducted as moving expenses?

In December, Year 11, Douglas, a single taxpayer, purchased a new residence for $200,000. Douglas lived in the residence continuously from Year 11 until selling the residence in July, Year 18, for $455,000. What amount of gain is recognized from the sale of the residence on Douglas’ Year 18 tax return?

A owns a second residence that is used for both personal and rental purposes. During the current year, A used the second residence for 50 days and rented the residence for 200 days. Which of the following is correct?

Andrew and Brittany are married. They have resided full time in their principal residence for the last 20 years. They have decided to sell their home. Once the transaction was finalized, they were presented with the final amounts. Sale price = $750,000 Cost basis = $100,000. How much of a gain must the two recognize from the sale on their joint tax return?