Question
On August 31, 2022, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have
On August 31, 2022, Nolan and Lei, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $377,800 was excluded under 121. They purchased another personal residence in Charleston for $604,480 on September 1, 2022.
In 2023, Nolan's employer transfers him to Houston, Texas. The couple sells the Charleston home on February 28, 2023, and purchases a new home in Houston. The realized gain on the second sale is $340,020.
Do not round any division.
What is Nolan and Lei's recognized gain on the second sale?
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Human Resource Management
Authors: Robert L. Mathis, John H. Jackson
13th Edition
053845315X, 978-0538453158
