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eBook Tax Drill - Section 121-MF] On August 31,2022, Harvey and...

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Accounting

eBook
Tax Drill - Section 121-MF]
On August 31,2022, 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 1,2022.
However, in 2023, Harvey's employer transfers him to Houston, Texas. They sell their Charleston home on February 28,2023, and purchase a new home in Houston. The realized gain on the second sale is $180,000.
Do not round any division in your computations.
Harvey and Margaret's recognized gain on the second sale is $
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