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Gilbert purchased a home for $200,000 in 2012 . For the last ten years, he has owned and used the home as his principal residence.

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Gilbert purchased a home for $200,000 in 2012 . For the last ten years, he has owned and used the home as his principal residence. On July 17 , 2022 , Gilbert sold the home for $500,000. His real estate commission and other selling expenses were $20,000. What is the amount and character of the recognized gain or loss from the sale on July 17,2022

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