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Business, 05.07.2020 14:01 hooplikeapro

Ryan, age 57, is single with no dependents. In 2019, Ryan's principal residence was sold for the net amount of $400,000 after all selling expenses. Ryan bought the house in 2002 and occupied it until it was sold. On the date of sale, the house had a basis of $180,000. Ryan does not intend to buy another residence. What is the maximum exclusion of gain on sale of the residence that may be claimed on Ryan's 2019 income tax return

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Ryan, age 57, is single with no dependents. In 2019, Ryan's principal residence was sold for the net...

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