How much gain can millers exclude and how much is recognized

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Reference no: EM131914637

Problem

Milton and Maxine Miller purchased a home in NYC for $350,000 on Oct 1, 2015. Milton obtained a job in Richmond, VA, and on Dec. 1, 2016, the Millers sold their home in NYC for $550,000.

A) How much gain can the Millers exclude and how much is recognized?

B) Assume that the Millers instead sold their home on December 1, 2016, for $650,000. How much gain can the Millers then exclude and how much is recognized?

Reference no: EM131914637

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