Business, 14.12.2021 02:00 lorenaandreahjimenez

Michael (single) purchased his home on July 1, 2007. On July 1, 2015 he moved out of the home. He rented out the home until July 1, 2016 when he moved back into the home. On July 1, 2017 he sold the home and realized a $305,000 gain. What amount of the gain is Michael allowed to exclude from his 2017 gross income? A. $0

B. $225,000

C. $250,000

D. $305,000

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Michael (single) purchased his home on July 1, 2007. On July 1, 2015 he moved out of the home. He re...

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