In July of 2019, the Allen's finally sold their home in Chicago for $490,000. They...
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Accounting
In July of 2019, the Allen's finally sold their home in Chicago for $490,000. They purchased the home 10 years ago for $350,000. They lived in the home, as their primary residence, until January of 2018 when they relocated to Florida for retirement. How much taxable gain must the Allen's recognize on the sale of their home.
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