Michael (single) purchased his home on July 1, 2008. He lived in the home as his principal residence until July 1, 2016 when he and rented it out until July 1, 2017 when he moved back into the home. On July 1, 2018 he sold the home and realized a $302,5 the gain is Michael allowed to exclude from his 2018 gross income?

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is