Problem
On 30 April 2022, Taxpayer, whose filing status is single, sold his home for $900,000 and incurred $54,000 of expenses related to the sale. Taxpayer purchased the home on 5 January 2020 and used it as his principal residence from 15 January 2021 through the date of sale. Determine the amount that Taxpayer must include in income as a result of the sale if his tax basis in the home was $492,000.