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 lived in the home as his principal residence from January 1, 2007, through December 31, 2014. He rented out the home from January 1, 2015, through the date of the sale. The accumulated depreciation on the home at the time of sale was $3,650.
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