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Michael (single) purchased his home on July 1, 2005. On July 1, 2013 he moved out of the home. He rented out the home until
Michael (single) purchased his home on July 1, 2005. On July 1, 2013 he moved out of the home. He rented out the home until July 1, 2014 when he moved back into the home. On July 1, 2015 he sold the home and realized a $325,000 gain. What amount of the gain is Michael allowed to exclude from his 2015 gross income?
$0.
$225,000.
$250,000.
$325,000.
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