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Kayla and Kayson are married filing jointly and purchased a house in San Diego on May 1, 2010 for $200,000 (house was $150,000 and land
Kayla and Kayson are married filing jointly and purchased a house in San Diego on May 1, 2010 for $200,000 (house was $150,000 and land was $50,0000 ) and lived in the house until April 30, 2013. Kayla and Kayson purchased another house on May 1, 2013 for $300,000 and lived in that house until they sold it for $500,000 on April 30, 2019. They paid tax on the $200,000 gain. Kayla and Kayson moved back into the first house on May 1 , 2019 and lived there until they sold that house on April 30, 2022 for $600,000. Required: Write a research memo to Kayla and Kayson. Hint: What is a statute of limitations? code 6511a Kayla and Kayson are married filing jointly and purchased a house in San Diego on May 1, 2010 for $200,000 (house was $150,000 and land was $50,0000 ) and lived in the house until April 30, 2013. Kayla and Kayson purchased another house on May 1, 2013 for $300,000 and lived in that house until they sold it for $500,000 on April 30, 2019. They paid tax on the $200,000 gain. Kayla and Kayson moved back into the first house on May 1 , 2019 and lived there until they sold that house on April 30, 2022 for $600,000. Required: Write a research memo to Kayla and Kayson. Hint: What is a statute of limitations? code 6511a
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