Patrick and Maureen are married. They purchased their residence on August 10, 2008, for $100,000. On September 20, 2021, they had a loan outstanding on the home in the amount of $95,000 when the bank foreclosed. The net proceeds from the foreclosure sale were $105,000, of which Patrick and Maureen received $10,000. What is the exclusion used by Patrick and Maureen to offset any gain?

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Heres how to calculate the exclusion used by Patrick and Maureen to offset any gain 1 Calculate the ... View the full answer