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Jessica (who is single) just sold her house and moved from Phoenix to L.A. to start a new job one year ago. At that time, she excluded $250,000 of gain on the sale of her home under Section 121. Now, her employer has decided to relocate her again from L.A. to Cincinnati. Her employer has given her the option of either relocating now or waiting until the end of next year. She would like to use Section 121 to exclude part of the gain on the sale of her new home in L.A. The home in L.A. has an adjusted basis of $230,000 (includes $10,000 of depreciation due to the home office deduction) and a FMV of $430,000. Jessica is excited because she believes she will be able to fully exclude her entire gain from her taxable income regardless of when she moves.
Problem A) Is she correct? Please explain your reasoning and what amount of gain Jessica will be required to recognize in this transaction.
Problem B) What would you recommend to Jessica if she wishes to optimize her Section 121 deduction?
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