A taxpayer purchases and lives in a home for a year. The home appreciates in value by

Question:

A taxpayer purchases and lives in a home for a year. The home appreciates in value by $50,000. The taxpayer sells the home after her employer transfers her to an office in a nearby city. The taxpayer buys a new home. What information do you need to obtain to determine whether the taxpayer is allowed to exclude the gain on the sale of the first home?

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