Question 24 (1 point) Listen Hiram bought his house for $150,000 in 1986. In 2007, he moved in with his daughter because he needed some assistance due to old age. At that time he rented his house to Jacob for $2000 per month. In 2021, Hiram passed away and the FMV of the house is $675,000. Jacob has agreed to buy the house for $650,000. Which of the following is true? N2 = 35 61.1% of the gain on the house will be exempt from tax 63.9% of the gain on the house will be exempt from tax 44.4% of the gain on the house will be exempt from tax