Frank is a captain in the U.S. Army who files single. In April 2010, he bought a house in Lawton, Oklahoma where he was stationed. He lived in the home until June 2013 when he was sent overseas on qualified extended duty. He remained overseas at various posts until August 2022, when he retired. He sold the house in Oklahoma at that time, having not lived there since 2013. His realized gain on the sale was $302,000. How much of the gain is taxable?

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To determine how much of Franks realized gain on the sale of his house in Oklahoma is taxable we nee... View the full answer