Person A purchases a home in year 1 for $300,000. Person A l…
Person A purchases a home in year 1 for $300,000. Person A lives in and owns the home. Person A loves the home, and it dramatically appreciates in value in only one year. Unfortunately for Person A, Person A suffers an accident in November of YEAR 1 and can no longer get around the house safely. Assume Person A sells the home for $450,000 12 months after purchasing it, and person A moves into a condo that doesn’t have stairs. What is the tax consequence of Person A’s sale of the home?
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