1. Mr. Milo purchased his first home in 2000 at a cost of $92,000. In 2007, he purchased a cottage for

$150,000 which he stays in multiple weeks a year. In 2008 Mr. Milo sold his first home for $105,000 and in 2018 sold the cottage for $305,000. At this point, he moved into an apartment he rents as it was too much work to manage a house and cottage

Determine the minimum tax consequences of the two property sales.