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Determine the amount that taxpayer must include in income

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Reference no: EM133007722

Question - On 30 April 2020, Taxpayer, whose filing status is single, sold his home for $900,000 and incurred $54,000 of expenses related to the sale. Taxpayer purchased the home on 5 January 2018 and used it as his principal residence from 15 January 2019 through the date of sale. Determine the amount that Taxpayer must include in income as a result of the sale if his tax basis in the home was $492,000.

Reference no: EM133007722

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