Explain how much of the gain is cameron allowed to exclude

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Reference no: EM13128660

Cameron (single) purchased and moved into his principal residence on July 1, 2011. On June 1, 2012, Cameron lost his job. Because he couldn't afford the payments on his new home, he sold it on July 1, 2012 in order to move into some apartments across the street. On the sale of his principal residence, Cameron realized a $50,000 gain. How much of the gain is Cameron allowed to exclude from his 2012 gross income?

Reference no: EM13128660

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