Seth purchased his home on July 1, 2009. He married his wife on August 1,...
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Seth purchased his home on July 1, 2009. He married his wife on August 1, 2016, and she moved into the home. On Jan. 1, 2018 they moved out of the home into their newly built house. They were not able to sell their home until July 1, 2020. On July 1, 2020 they sold the home and realized a $310,000 gain. What amount of the gain can Seth and his wife exclude from their current year gross income? Answers: $-0- $250,000 $155,000 $310,000
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