On January 10, 2016, Kirsten married Joe. Joe sold his personal residence on October 25, 2015, and
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On January 10, 2016, Kirsten married Joe. Joe sold his personal residence on October 25, 2015, and excluded the entire gain of $175,000. Although they had originally planned to live in the house that Kirsten had received as a gift from her parents in 2007, they decided to purchase a larger house, and Kirsten sold her house 60 days after their wedding and realized a $370,000 gain.
a. If they file a joint return, how much of the $370,000 gain may be excluded?
b. If Kirsten files as married filing separately, how much of the $370,000 gain may be excluded?
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Related Book For
Federal Taxation 2017 Individuals
ISBN: 9780134420868
30th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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