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Carlotta moved into a smaller home ten months ago, after her husband died. She sold the home that they had lived
Carlotta moved into a smaller home ten months ago, after her husband died. She sold the home that they had lived
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in together for fifteen years and elected Section 121 so she would not have to recognize the $150,000 of gain on that home. She then purchased the smaller home for $210,000. She is unhappy in the neighborhood after living there for 10 months and wants to move again. If she sells the home for $235,000, what is her realized and recognized gain? How would your answer change if Carlotta were forced to move into a nursing home because of her health?
