Question

John Larken is a single taxpayer. He sells the home he has owned and lived in for the past 31 years for a gain of $200,000 on October 5, Year 33. How much of this gain may he exclude

Answer 1

Answer: $200000

Explanation:

It should be noted that the amount of gain that'll be excluded from the gross income under with respect to any sale should not be more than $250,000.

Therefore, the amount that'll be excluded based on this will be $200000. Therefore, the answer will be $200000.