B purchased a residence on April 12, 20X1 for $120,000.B moved in immediately and lived in the home until it sold for $165,000 on March 25, 20X4.B may exclude all of the gain even though the home was not owned for five years.

Name: B purchased a residence on April 12, 20X1 for $120,000.B moved in immediately and lived in the home until it sold for $165,000 on March 25, 20X4.B may exclude all of the gain even though the home was not owned for five years.
Brand: Quizplus
Rating: 4.8 (43 reviews)

Question

Quizplus · Accepted Answer

The Answer is True

B Purchased a Residence on April 12, 20X1 for $120,000