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On June 1st, 2013, Hugh and Jane, both age 45, moved into a new house with a purchase price of $180,000. They sold their previous
On June 1st, 2013, Hugh and Jane, both age 45, moved into a new house with a purchase price of $180,000. They sold their previous home in January 2013.Their previous home sold for $205,000. They have lived in that home for 8 years. How much gain, if any, should they recognize for tax purposes as a result of the house sale?
1) 0
2) 45,000
3) 70,000
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