Real Estate Math
A Virginia seller's home cost $240,000 ten years ago. They sell for $385,000. After paying $23,100 in commission and $5,000 in other closing costs, what is their taxable capital gain?
A$116,900✓ Correct
B$145,000
C$117,900
D$122,000
Explanation
Net sale proceeds = $385,000 – $23,100 – $5,000 = $356,900. Capital gain = $356,900 – $240,000 = $116,900.
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