Ken and Laura, married and filing jointly, owned and lived in their home for ten years....
Ken and Laura, married and filing jointly, owned and lived in their home for ten years. In 2018, they sold their home at a long-term gain of $580,000. How much of the long-term gain can they exclude from income on their return?
$150,000
$250,000
$500,000
$550,000
Homework Answers
Upto $500,000 in profits can be claimed as exemption from Long Term Gain if you file return as a married couple jointly. In this case profit is $ 580,000, hence they can exclude $500,000 of long term gain from their return as they are filing jointly.
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