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Jerry (single) purchased a home on January 1, 2012, for $550,000. He lived in the...

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Accounting

Jerry (single) purchased a home on January 1, 2012, for $550,000. He lived in the home as his primary residence until December 31, 2016, when he began using the home as a vacation home. He used the home as a vacation home until December 31, 2020. (He used a different home as his primary residence during that period.) On January 1, 2020, Jerry moved back into the home and used it as his primary residence until December 31, 2021, when he sold the home for $900,000. What amount of the gain on the house must Jerry recognize for tax purposes in 2021?

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