Question $3(1$ point$)$

Jessica Dobson is a single taxpayer who recently sold her home for a gain of $$400,000.$ She had owned and lived in the home for the past $10$ years. What is the amount and character of her gain on the sale.

$$150,000$ of short$-$term capital gain

$$400,000$ of ordinary income or gain

$$1500,000$ of ordinary income gain

$$400,000$ of long$-$term capital gain

$$150,000$ of long$-$term capital gain