Sarah (single) purchased a home on January 1, 2008 for $600,000. She eventually sold the home for
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a. Sarah used the home as her principal residence through December 31, 2013. She used the home as a vacation home from January 1, 2014 until she sold it on January 1, 2016.
b. Sarah used the property as a vacation home through December 31, 2013. She then used the home as her principal residence from January 1, 2014 until she sold it on January 1, 2016.
c. Sarah used the home as a vacation home from January 1, 2008 until January 1, 2015. She used the home as her principal residence from January 1, 2015 until she sold it on January 1, 2016.
d. Sarah used the home as a vacation home from January 1, 2008 through December 31, 2009. She used the home as her principal residence from January 1, 2009 until she sold it on January 1, 2014
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a 0 gain recognized all 200000 of gain is excluded Sarah meets the ownership and use tests because she has owned the property for two or more years an...View the full answer
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Related Book For 
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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