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On November 1, year 1, Jamie (who is single) purchased and moved into her principal residence. In the early part of year 2, Jamie was laid off from her job. On February 1, year 2, Jamie sold the home at a $35,000 gain. She sold the home because she found a new job in a different state. How much of the gain, if any, may Jamie exclude from her gross income in year 2?
Material Misrepresentations
False statements or omissions that are significant enough to influence an individual's decision-making process.
Insurance Contract
An agreement between an insurance company and an individual or entity, where the insurer agrees to compensate for specified losses in exchange for a premium.
Insurer
is an entity or company that provides insurance policies to individuals or organizations, offering financial protection or reimbursement against losses under the terms of an insurance contract.
Legal Representation
The act of having a lawyer or attorney conduct legal affairs and defend or advise in legal matters on one's behalf.
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