Rodney and Michelle purchased their St. Paul, MN home in 2008 for $150,000. In September...
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Rodney and Michelle purchased their St. Paul, MN home in 2008 for $150,000. In September of 2020, Michelle received a job offer in Chicago and they decided to move and sell their house. The housing market has improved drastically since 2014 and Rodney and Michelle were able to sell their home for $700,000. Rodney and Michelle are married filing jointly and both have lived in their St. Paul home since it was acquired in 2008. What is Rodney and Michelles realized and recognized gain or loss from the sale of their St. Paul residence? Show all your work.
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