Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $215,000. He sold the
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Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $215,000. He sold the home on January 1, 2019, for $242,900. How much gain must Troy recognize on his home sale ifTroy rented out the home from January 1, 2007, through November 30, 2008. He lived in the home as his principal residence from December 1, 2008, through the date of sale. Assume accumulated depreciation on the home at the time of sale was $8,000.
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