hard · Certified Financial Planner Tax Planning
Mr. Ortega, a single taxpayer, purchased his principal residence for $400,000. Eighteen months later, he is forced to move 600 miles for a mandatory job relocation and sells the home for $700,000.
What is the maximum gain he can exclude from income under Section 121?
- $187,500
- $300,000
- $225,000
- $250,000
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