An individual client purchased his residence 5 years ago for $300,000. For 3 of the last 5 years, the client rented out the property for income, and lived in the house of 2 of those years. The client sells the house for $500,000. How much of the gain is taxable?
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Home » Business » An individual client purchased his residence 5 years ago for $300,000. For 3 of the last 5 years, the client rented out the property for income, and lived in the house of 2 of those years. The client sells the house for $500,000.