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1 July 2007: Troy purchased a Melbourne house for $300,000 and occupied it with his...

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Accounting

1 July 2007: Troy purchased a Melbourne house for $300,000 and occupied it with his family.

1 July 2011: Troy was relocated to Sydney and he purchased and occupied a house there as his main residence. The Melbourne house was leased to tenants.

30 June 2017: He sold the Melbourne house for $500,000.

What is his capital gain (before discount) if he does not elect to treat the Melbourne dwelling as his main residence during his absence?

Group of answer choices

$80,000

Nil

$120,000

$200,000

Answer & Explanation Solved by verified expert
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