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Chapter 12 Homework Question 6
Chapter 12 Homework
6. On January 10, 2020, Kirsten married Joe. Joe sold his personal residence on October 25, 2019, 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 2011, they decided to purchase a larger house, and Kirsten sold her house 60 days after their wedding and realized a $370,000 gain.
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a. |
If they file a joint return, how much of the $370,000 gain may be excluded? |
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b. |
If Kirsten files as married filing separately, how much of the $370,000 gain may be excluded? |
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