Identified Recognized gain, Realized gain and Exclusion on the sale of personal residence Frank, a single person, sold his home this year. He had owned and lived in the house for 10 years. Frank signed a contract on March 4 to sell his home and closed the sale on May 3 $202.000 12,000 Sales price Selling expenses paid by Frank Replaced a broken window on March 2 Basis of old home before repairs and improvements 200 150.000 Exclusion Allowed $0 Recognized gain $190,000 Realized gain $40.000 e