Ross and Rachel purchased a home in 2019. Sadly Rachel divorced Ross leaving Ross with the house.
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Ross and Rachel purchased a home in 2019. Sadly Rachel divorced Ross leaving Ross with the house. He can't really afford the house alone so he sells it in 2020 for $600,000. The house was Ross's primary residence for 292 days over the past 2 years. The basis is $325,000. Assume no prior 121 exclusion has been used. How much will Ross's AGI increase due to selling the house? Hint: use 730 days as a replacement for 24 months when calculating the exclusion.
$175,000
$150,000
$600,000
$0
$50,000
Related Book For
Taxation for Decision Makers 2014
ISBN: 9781118654545
6th edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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