tiwontheballer5276 tiwontheballer5276

03-01-2023
Business

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In january 1995, randall, then 57, sold his principal residence in seattle and took advantage of the once-in-a-lifetime exclusion available to homeowners under the internal revenue code. in 1995, the maximum exclusion was $125,000. he excluded his entire gain on the sale, which was $100,000. later that year, he purchased a new residence in denver that he used as his principal residence. early in the current year, he sold the denver residence for a realized gain of $300,000. randall is a single taxpayer. what is the maximum amount of gain, if any, that randall may exclude under section 121

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