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James sold the family home in Idabel (1021 S. Main, Idabel, OK 73046), before he moved for $595,000. James and Jean had paid $220,000 for the home in...

James sold the family home in Idabel (1021 S. Main, Idabel, OK 73046), before he moved for $595,000.  James and Jean had paid $220,000 for the home in 1998 when they purchased it.  They had made no capital improvements to the home, James then purchased a new home in Edmond for $475,000, closing on September 16, 2018.  James and Adam rented the home prior to closing on it.  They made rental payments for 2 months totaling $2,400.


What is the taxable income and what is the deduction of taxes? This is for the 2018 tax year.

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