Business, 16.10.2019 05:00 gamerdoesart

On august 31, 2018, harvey and margaret, who file a joint return and live in charleston, south carolina, sell their personal residence, which they have owned and lived in for 10 years. the realized gain of $292,000 was excluded under § 121. they purchased another personal residence in charleston for $480,000 on september 1, 2018. however, in 2019, harvey's employer transfers him to houston, texas. they sell their charleston home on february 28, 2019, and purchase a new home in houston. the realized gain on the second sale is $180,000. harvey and margaret's recognized gain on the second sale is $

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On august 31, 2018, harvey and margaret, who file a joint return and live in charleston, south carol...

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