Gross income

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Question

On December 11, 20x4, Keeley sold her home in Tempe and purchased and moved into a new principal residence in Scottsdale. In June 20x5, Keely moved to Florida to care for her recently disabled brother. She sells her residence in Scottsdale on August 8, 20x5 and moves to Florida. The gain on the sale of her Scottsdale home is $100,000. Keely owned and occupied the Scottsdale residence for 240 days.

1. How much of the $32,000 gain can Keely exclude from gross income?

2. How much of the $100,000 gain can Keely exclude from gross income?

Reference no: EM133227915

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