Omar, who is single, sold his principal residence on April 10, 2021, and excluded the realized gain
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Omar, who is single, sold his principal residence on April 10, 2021, and excluded the realized gain under § 121 (exclusion on the sale of a principal residence). On April 12, 2021, he purchased another principal residence, which he sells on January 12, 2022, for a realized gain of $80,000. Can Omar exclude the $80,000 realized gain on the January 2022 sale if his reason for selling was:
a. His noisy neighbors? Explain.
b. A job transfer to another city? Explain.
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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