Nelson Whiting (single) purchased a home in Denver, Colorado for $300,000. He moved into the home on July 1 of year 1. He lived in the home as his primary residence until December 1, year 2 when he sold the home for $450,000. Nelson sold the home because he was changing jobs and his new job was in a different state. What amount of gain must Nelson recognize on the home sale in year 2?

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The Answer of Nelson Whiting (single) purchased a home in Denver, Colorado for $300,000. He moved into the home on July 1 of year 1. He lived in the home as his primary residence until December 1, year 2 when he sold the home for $450,000. Nelson sold the home because he was changing jobs and his new job was in a different state. What amount of gain must Nelson recognize on the home sale in year 2?

Nelson Whiting (Single) Purchased a Home in Denver, Colorado for $300,000