Elena is a single taxpayer for tax year 2023. On April 1st, 2022, Elena's husband Nathan...
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Elena is a single taxpayer for tax year 2023. On April 1st, 2022, Elena's husband Nathan died. On July 13, 2023, Elena sold the residence that Elena and Nathan had each owed and used as their principal residence from January 1st, 2010 until Nathan's death. For all tax years during their marriage (including the year of death), Nathan and Elena filed jointly. Neither Nathan nor Elena has claimed a Section 121 exclusion since 2010. Elena realized a gain of $620,000 on the sale of this residence. How much of this gain must Elena recognize after subtracting her maximum allowed Section 121 exclusion? Elena is a single taxpayer for tax year 2023. On April 1st, 2022, Elena's husband Nathan died. On July 13, 2023, Elena sold the residence that Elena and Nathan had each owed and used as their principal residence from January 1st, 2010 until Nathan's death. For all tax years during their marriage (including the year of death), Nathan and Elena filed jointly. Neither Nathan nor Elena has claimed a Section 121 exclusion since 2010. Elena realized a gain of $620,000 on the sale of this residence. How much of this gain must Elena recognize after subtracting her maximum allowed Section 121 exclusion?
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