Question
Howard Wilson, a single individual, sold his principal residence in Cleveland eight months ago and excluded his entire $148,000 gain on the sale from gross
Howard Wilson, a single individual, sold his principal residence in Cleveland eight months ago and excluded his entire $148,000 gain on the sale from gross income. He purchased and moved into a new home in a suburb of Chicago. Shortly thereafter, Howards 20-year-old son moved in with him. The son was on probation from a prison sentence for drug dealing and assault with a deadly weapon. Howards neighbors learned about the sons criminal record and have organized protests against the sons presence in the community. Howard has received several verbal and written threats, and his house has been spray-painted with graffiti. The atmosphere has become so hostile that Howard has decided to sell his new home and relocate in a different city. Will he be eligible to exclude any of his gain on this second sale?
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