Calculate the Capital Gain on Sale of Primary Residence Jacob and his wife purchased his primary residence for $350,000 in 1999. Throughout the years he had spent $100,000 to upgrade the house. In 2014 they sold the house for $950,000 with $65,000 in expenses of the sale. Jacob files a joint tax return with his wife. a. What is the Adjusted Cost Basis? b. What is the Adjusted Selling Price of the Property? c. What is the Capital Gain? d. How much do they qualify for the capital gain exclusion? e. How much does Jacob qualify for the capital gain exclusion, if he was single?