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California Real Estate Practice Practice Exam
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California Real Estate Practice Practice Exam
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California Real Estate Practice Exam.1 of 50 - Sal bought a personal residence for $150,000. He made
$150,000 of improvements during the three years he lived in it before
he sold it. He sold the home for $750,000 and paid $50,000 in selling
expenses, including the broker's commission. On what amount will he
pay capital gains tax?
$150,000
You answered incorrectly
Remember that there is a $250,000 exclusion on capital gains tax for the
sale of an individual's pe...
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