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QUESTION 22 Seth purchased his home on July 1, 2008. He married his wife on August 1, 2015, and she moved into the home. On
QUESTION 22 Seth purchased his home on July 1, 2008. He married his wife on August 1, 2015, and she moved into the home. On Jan 1, 2017 they moved out of the home into their newly built house. They were not able to sell their home until july 1, 2019. On July 1, 2019 they sold the home and realized a $310,000 gain. What amount of the gain can Seth and his wife exclude from their current year gross income? $310,000 $155,000 5-0- $250,000
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