Anthony, a single taxpayer, purchased a house on January 1, 2017 that he held as an investment until December 31, 2019. He converted the property to be his principal residence beginning January 1, 2020. He sold the residence on December 31, 2022 for $750,000. At the time of the sale, his adjusted basis in the house was $200,000. How much gain can Anthony exclude on the sell?

Answer rating: 100% (QA)

To determine how much gain Anthony can exclude on the sale of his residence we need to consider the ... View the full answer