Timothy and Cleo are married (file a joint return) and purchased rental property in 2005 for $300,000. They sold it for $500,000 in 2020. How much must Timothy and Cleo report as a gain on their 2020 income taxes? Purchased the Home January 1, 2005 Rental Property January 1, 2005 through December 31, 2014 Principal Residence January 1, 2015 through December 31, 2020 Sold the Home December 31, 2020