In 2022, Colin and Laura sold their house for $990,000. They paid $40,000 in expenses...

50.1K

Verified Solution

Question

Accounting

In 2022, 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 2014 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?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students