Serena is single. she purchased her principal residence three years ago. she lived in the home until she sold it at a $300,000 gain this year. serena was allowed to exclude $250,000 of the $300,000 gain. what is the character of the $50,000 gain she was not able to exclude?

Long -term capital gain

Step-by-step explanation:

Serena is single, so based on the Taxpayer Relief Act of 1997, she would pay no capital gains tax on the first $250,000 gain.

Therefore, $300,000 - $250,000 =  $50,000

The remaining $50,000 gain is taxable because of her being single and it has been her principal residence for three years.

step-by-step explanation:

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