Jason and Alicia Johnston purchased a home in Austin, Texas, for $655,000. They moved into the home on September 1, year 0. They lived in the home as their primary residence until July 1 of year 5, when they sold the home for $982,500. What amount of the $327,500 gain are they allowed to exclude? (Assume married filing jointly.) (Enter only numbers with no dollar signs or other punctuation.)
Jason and Alicia Johnston purchased a home in Austin, Texas, for $655,000. They moved into the home on September 1, year 0. They lived in the home as their primary residence until July 1 of year 5, when they sold the home for $982,500. What amount of the $327,500 gain are they allowed to exclude? (Assume married filing jointly.) (Enter only numbers with no dollar signs or other punctuation.)
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 1CPA
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Jason and Alicia Johnston purchased a home in Austin, Texas, for $655,000. They moved into the home on September 1, year 0. They lived in the home as their primary residence until July 1 of year 5, when they sold the home for $982,500. What amount of the $327,500 gain are they allowed to exclude? (Assume married filing jointly.) (Enter only numbers with no dollar signs or other punctuation.)
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