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In 2019, Colin and Laura sold their house for $990,000. They paid $40,000 in expenses...

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Accounting

In 2019, Colin and Laura sold their house for $990,000. They paid $40,000 in expenses so their proceeds are $950,000. They bought the house in 2013 and paid $300,000 for the home and spent $30,000 to add on a garage so their basis would be $330,000. They subtract $330,000 from $950,000 to find their gain equals $620,000. When filing their joint income tax return, if all of other conditions are met, what is the maximum amount Colin and Laura could exclude from the sale of their home?

A. $330,000 B. $500,000 C. $620,000 D. $950,000

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