What is the taxable capital gain


Problem: Mr.  Moe owned two homes from 2018 to 2020.  He had purchased Home A in 2006 for $300,000. In 2018, he purchased Home B for $600,000, with the intention of selling Home A immediately.  Due to market conditions, mortgage rates, and the asking price, he was unable to sell Home A until 2020. The proceeds received on the sale of Home A were $600,000.  In 2021, he was transferred to a different city and sold Home B.  He designated 2018 and 2019 to Home A when it was sold. The proceeds received on the sale of Home B were $800,000. What is his taxable capital gain on Home B?

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Taxation: What is the taxable capital gain
Reference No:- TGS03212002

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