Joy purchased a home in Maine on December 15, 1998 for $250,000 and lived in it full-time

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Joy purchased a home in Maine on December 15, 1998 for $250,000 and lived in it full-time until she purchased a second home in Florida on October 1, 2011 for $380,000. In 2011 and 2012 she continued to have her primary residence in Maine. On October 1, 2013, however, she changed her primary residence to Florida. She needs to sell one of these homes before the end of 2016 as she needs cash for an investment opportunity. If she expects a minimum gain of $200,000 on either home, which home do you recommend she sell?
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Taxation For Decision Makers 2017

ISBN: 9781119330417

7th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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