Barry Cuda and Allie Gator, a married couple, have lived in their home for the past...

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Barry Cuda and Allie Gator, a married couple, have lived in their home for the past ten years. They purchased the home for $3

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Answer 1

Answer #1

As per IRS, for married couple, the capital gains are not taxed upto an amount of $ 500,000

The capital gains in this case = 950,000 - 350,000 = $ 600,000

Net Taxable Amount = 600,000 - 500,000 = $ 100,000

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Answer 2

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