>>If he lives in it only three weeks and then puts it on the market, he has an almost iron-clad case that the selling price is the basis for taxible income from the prize.
Beat me to it. My wife, the very-accomplished CPA, would probably leave out the "almost".
"Beat me to it. My wife, the very-accomplished CPA, would probably leave out the "almost"."
When you are dealing with the IRS "almost" *always* applies. (Even if the IRS is wrong and you take it to court, what you save on taxes you spend on lawyers.)