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NOT 175,000 OR 150,000*** thank you Ross and Rachel purchased a home in 2020....

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Accounting

imageNOT 175,000 OR 150,000*** thank you

Ross and Rachel purchased a home in 2020. Sadly Rachel divorced Ross leaving Ross with the house. He can't really afford the house alone so he sells it in 2021 for $600,000. The house was Ross's primary residence for 292 days over the past 2 years. The basis is $325,000. Assume no prior 121 exclusion has been used. How much will Ross's AGI increase due to selling the house? Hint: use 730 days as a replacement for 24 months when calculating the exclusion. $600,000$50,000$150,000$0$175,000

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