On August 8,2017,Sam,single,age 62,sold for $210,000 his principal residence,which he has lived in for 10 years,and which had an adjusted basis of $60,000.On November 1,2017,he purchased a new residence for $80,000.For 2017,Sam should recognize a gain on the sale of his residence of:

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Sam qualifies for the exclusion of up to $250,000 of gain on the sale of his principal residence because he is single and has lived in the home for at least 2 of the last 5 years. His gain is $150,000 ($210,000 sale price - $60,000 adjusted basis), which is fully excluded.

On August 8,2017,Sam,single,age 62,sold for $210,000 His Principal Residence,which He