Question
This year, Leron and Sheena sold their home for $848,000 after all selling costs. Under the following scenarios, how much taxable gain does the home
This year, Leron and Sheena sold their home for $848,000 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and Sheena? (Leave no answer blank. Enter zero if applicable.) |
a. | Leron and Sheena bought the home three years ago for $160,000 and lived in the home until it sold |
b. | Leron and Sheena bought the home one year ago for $672,000 and lived in the home until it sold. |
c. | Leron and Sheena bought the home five years ago for $416,000. They lived in the home for three years until they decided to buy a smaller home. Their home has been vacant for the past two years. |
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