Angel, who is head of household, sold his main home on January 1, Year 15, for...

 

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Angel, who is head of household, sold his main home on January 1, Year 15, for $440,000. He lived in the home for 14 years before the sale. His purchase cost was $200,000 but he took a total of $30,000 of depreciation on his home office. How much gain can he exclude on the sale? C$240,000 $0 C $250,000 C$270,000 Angel, who is head of household, sold his main home on January 1, Year 15, for $440,000. He lived in the home for 14 years before the sale. His purchase cost was $200,000 but he took a total of $30,000 of depreciation on his home office. How much gain can he exclude on the sale? C$240,000 $0 C $250,000 C$270,000

Answer rating: 100% (QA)

Gain on sale of Building is 270... View the full answer