Mike, a single taxpayer, purchased a house 20 years ago for $30,000. He sells the house in December 2020 for $350,000. He has always lived in the house. Calculate the following amounts. If an amount is zero, enter "0". a. How much taxable gain does Mike have from the sale of his personal residence? $fill in the blank 1 b. Assume Mike married Mary 3 years ago and she has lived in the house since their marriage. If they sell the house in December 2020 for $350,000, what is their taxable gain on a joint tax return? $fill in the blank 2 c. Assume Mike is not married and purchased the house only 1 year ago for $200,000, and he sells the house for $350,000 due to an employment-related move. What is Mike's taxable gain? $fill in the blank 3
Mike, a single taxpayer, purchased a house 20 years ago for $30,000. He sells the house in December 2020 for $350,000. He has always lived in the house.
Calculate the following amounts.
If an amount is zero, enter "0".
a. How much taxable gain does Mike have from the sale of his personal residence?
$fill in the blank 1
b. Assume Mike married Mary 3 years ago and she has lived in the house since their marriage. If they sell the house in December 2020 for $350,000, what is their taxable gain on a joint tax return?
$fill in the blank 2
c. Assume Mike is not married and purchased the house only 1 year ago for $200,000, and he sells the house for $350,000 due to an employment-related move. What is Mike's taxable gain?
$fill in the blank 3
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