Serena is single. She purchased her principal residence three years ago. She lived in the home until she sold it at a $300,000 gain this year. Serena was allowed to exclude $250,000 of the $300,000 gain. What is the character of the $50,000 gain she was not able to exclude?

Question

Quizplus · Accepted Answer

The $50,000 gain that Serena was not able to exclude is considered a long-term capital gain because she held the property for more than one year.

Serena Is Single