Business, 20.12.2019 22:31 claytonhopkins

On february 1, 2019, stephen (who is single) sold his principal residence (home 1) at a $100,000 gain. he was able to exclude the entire gain on his 2019 tax return. stephen purchased and moved into home 2 on the same day. assuming stephen lives in home 2 as his principal residence until he sells it, which of the following statements is true? (a) under no circumstance will stephen be allowed to exclude gain on home 2 if he sells home 2 in 2020.(b) stephen will be eligible to exclude gain on home 2 only if he waits until 2024 to sell it.(c) in certain circumstances, stephen may be able to exclude gain on home 2 even if he sells home 2 in 2019.(d) none of the choices are correct.

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On february 1, 2019, stephen (who is single) sold his principal residence (home 1) at a $100,000 gai...

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