Ethan (single) purchased his home on July 1, 2009. He lived in the home as his principal residence until July 1, 2016, when he moved out of the home, and rented it out until July 1, 2018, when he moved back into the home. On July 1, 2019, he sold the home and realized a $184,500 gain. What amount of the gain is Ethan allowed to exclude from his gross income? (Enter only numbers with no dollar signs or other punctuation.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ethan (single) purchased his home on July 1, 2009. He lived in the home as his principal residence until July 1, 2016, when he moved out of the home, and rented it out until July 1, 2018, when he moved back into the home. On July 1, 2019, he sold the home and realized a $184,500 gain. What amount of the gain is Ethan allowed to exclude from his gross income? (Enter only numbers with no dollar signs or other punctuation.)

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