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Olessa, single and age 60, sold her home for $540,000 after living there for 20 years. Her selling expenses were $10,000 and her adjusted basis

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Olessa, single and age 60, sold her home for $540,000 after living there for 20 years. Her selling expenses were $10,000 and her adjusted basis in that home was $220,000. What is the maximum gain that Olessa must report in connection with the sale of her principal residence? $0. $60,000 $310,000. $320,000

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