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Larry owned and lived in a home for five years before marrying Darlene. Larry and Darlene lived in the home for one year before selling
Larry owned and lived in a home for five years before marrying Darlene. Larry and Darlene lived in the home for one year before selling it at a $600,000 gain. Larry was the sole owner of the residence until it was sold. How much of the gain may Larry and Darlene exclude?
a. | $0 | |
b. | $250,000 | |
c. | $500,000 | |
d. | $600,000 |
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