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Joel's main home is destroyed in a tornado in a federally declared disaster area. The...

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Accounting

Joel's main home is destroyed in a tornado in a federally declared disaster area. The insurance company compensates Joel for his loss in 2018, which produces a $350,000 realized gain. How long does Joel have to purchase a new principal residence and avoid being taxed on the gain?

Question 15 options:

1)

December 31, 2022

2)

December 31, 2019

3)

December 31, 2021

4)

December 31, 2018

5)

December 31, 2020

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