The Amount Realized and Gain on Sale of Residence
Elvin, 45 years of age, sells his residence in 2008. He recieves $30,000 in cash and the buyer assumes his $105,000 mortgage. Elvin also pays $6,500 in commissions and transfer costs. a. Calculate the amount realized on the sale. $____________________ b. If the residence was acquired in 1986, and its adjusted basis is $7