Author Question: Under what circumstances can a taxpayer obtain a partial exclusion if a home is sold before the use ... (Read 52 times)

codyclark · **on:** Sep 13, 2020

Question 1

Pierce, a single person age 60, sold his home this year. He had lived in the house for 10 years. He signed a contract on March 4 to sell his home.

Based on these facts, what is the amount of his recognized gain?
◦ $0
◦ $25,000
◦ $40,000
◦ $275,000

Question 2

Under what circumstances can a taxpayer obtain a partial exclusion if a home is sold before the use and ownership tests are satisfied?
◦ change in employment that meets the requirement for a moving expense deduction
◦ increased traffic due to widening of a road
◦ birth of one child
◦ divorce

quynhmickitran · **Reply #1 on:** Sep 13, 2020

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