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The proceeds received on the sale of home b

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Question - Ms. Wong owned two homes from 2016 to 2018. She had purchased Home A in 2011 for $260,000. In 2016, she purchased Home B for $360,000, with the intention of selling Home A immediately. Due to market conditions, mortgage rates, and the asking price, she was unable to sell Home A until 2018. The proceeds received on the sale of Home A were $310,000. In 2019, she was transferred to a different city and sold Home B. She designated 2016 and 2017 to Home A when it was sold. The proceeds received on the sale of Home B were $400,000. What is her taxable capital gain on Home B?

Reference no: EM133169960

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