Kevin purchased a house 20 years ago for $100,000 and he has always lived in the house.
Question:
Kevin purchased a house 20 years ago for $100,000 and he has always lived in the house. Three years ago Kevin married Karen, and she has lived in the house since their marriage. If they sell Kevin’s house in December 2016 for $425,000, what is their taxable gain on a joint tax return?
a. $0
b. $75,000
c. $125,000
d. $250,000
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Related Book For 
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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