Rodney and Michelle purchased their St. Paul, MN home in 2008 for $150,000. In September of 2021, Michelle received a job offer in Chicago and they decided to move and sell their house. The housing market has improved drastically since 2008 and Rodney and Michelle were able to sell their home for $750,000. Rodney and Michelle are married filing jointly and both have lived in their St. Paul home since it was acquired in 2008. What is Rodney and Michelle's realized and recognized gain or loss in 2021 from the sale of their St. Paul residence?

Answer rating: 100% (QA)

Realized GainLoss Rodney and Michelles realized gain from the sale of their St Paul residence in 202... View the full answer