I:12-42 Sale of a Principal Residence. On January 10, 2022, Kirsten married Joe. Joe sold his personal
Question:
I:12-42 Sale of a Principal Residence. On January 10, 2022, Kirsten married Joe. Joe sold his personal residence on October 25, 2021, 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 2013, 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
Pearsons Federal Taxation Corporations Partnerships Estates And Trust 2023
ISBN: 9780137730391
36th Edition
Authors: KENNETH E. ANDERSON, DAVID S. HULSE, TIMOTHY J. RUPERT Richard J. Joseph LeAnn Luna
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