A married couple purchased their home for $200,000 in 2017 and lived in it until 2020...
- A married couple purchased their home for $200,000 in 2017 and lived in it until 2020 when they sold the house for $400,000. Are they required to pay any taxes as a result of the sale. If not, please say none. If so, what amount is taxable?
Homework Answers
Answer: NONE
Explanation:
If the couple have stayed in the house for more than 2 years, gains upto $250000 is exempt and if they are filing jointly gains upto $500000 is exempt.
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