Taxpayer is the sole owner of the home that she purchased in 2015 and that she and Spouse have lived in as their primary residence since April of 2019. In June of 2021, Taxpayer sells the home for $1.200,000 and pays $72,000 in expenses related to the sale. Taxpayer's tax basis in the home at the time of sale is $492,000. Determine the amount that the Married Filing Jointly couple must income in gross income as the result of the sale. $636,000 $136,000 $208,000 $386,000 $458,000 $708,000
Taxpayer is the sole owner of the home that she purchased in 2015 and that she and Spouse have lived in as their primary residence since April of 2019. In June of 2021, Taxpayer sells the home for $1.200,000 and pays $72,000 in expenses related to the sale. Taxpayer's tax basis in the home at the time of sale is $492,000. Determine the amount that the Married Filing Jointly couple must income in gross income as the result of the sale. $636,000 $136,000 $208,000 $386,000 $458,000 $708,000
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 26CE
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Taxpayer is the sole owner of the home that she purchased in 2015 and that she and Spouse have lived in as their primary residence since April of 2019. In June of 2021, Taxpayer sells the home for $1.200,000 and pays $72,000 in expenses related to the sale. Taxpayer's tax basis in the home at the time of sale is $492,000. Determine the amount that the Married Filing Jointly couple must income in gross income as the result of the sale. $636,000 $136,000 $208,000 $386,000 $458,000 $708,000
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