in January 1995, Randall then 57 sold his principal residence in Seattle and took advantage of the once-in-a lifetime ex
Posted: Tue Jan 18, 2022 1:00 pm
in January 1995, Randall then 57 sold his principal residence in
Seattle and took advantage of the once-in-a lifetime exclusion
available to homeowners in 1995, the maximum exclusion was 125,000.
He excluded his entire gain on the sale. which was $100,000 . Later
that year he purchased a new residence for a realized gain of
$300,000. Randall is a single taxpayer.What is the maximum
exclusion under Section 121
a) 250,000
b) 25,000
c) 0
d) 150,000
Seattle and took advantage of the once-in-a lifetime exclusion
available to homeowners in 1995, the maximum exclusion was 125,000.
He excluded his entire gain on the sale. which was $100,000 . Later
that year he purchased a new residence for a realized gain of
$300,000. Randall is a single taxpayer.What is the maximum
exclusion under Section 121
a) 250,000
b) 25,000
c) 0
d) 150,000