Troy single purchased a home in hopkinton massachusetts on

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Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2006, for $210,000. He sold the home on October 6, 2013, for $233,500. How much gain must Troy recognize on his home sale in each of the following alternative situations?

Troy rented the home from April 6, 2006, through March 31, 2010. He lived in the home as his principal residence from April 1, 2010, through October 31, 2011. He rented out the home from November 1, 2011, through March 31, 2013, and he lived in the home as his principal residence from April 1, 2013, through the date of the sale. Accumulated depreciation on the home at the time of sale was $0.

Reference no: EM13584284

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