Tom and Myra, married and filing jointly, owned and lived in their home for ten years....
Tom and Myra, married and filing jointly, owned and lived in their home for ten years. In 2019, they sold their home at a gain of $550,000.
Homework Answers
Answer -
As per Internal Revenue Service, a maximum gain exclusion of $500000 for the taxpayers married and filing jointly, if they pass the ownership test and use test.
In the given case, Tom and Myra, married and filing jointly, owned and lived in their home for ten years and hence they qualify for the ownership test and use test. They sold their home at a gain of $550000.
Therefore, their taxable gain = ($550000 - $500000) = $50000.
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