Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2019, colin and laura sold their house for $990

In 2019, Colin and Laura sold their house for $990,000. They paid $40,000 in expenses...

80.2K

Verified Solution

Question

Accounting

In 2019, Colin and Laura sold their house for $990,000. They paid $40,000 in expenses so their proceeds are $950,000. They bought the house in 2013 and paid $300,000 for the home and spent $30,000 to add on a garage so their basis would be $330,000. They subtract $330,000 from $950,000 to find their gain equals $620,000. When filing their joint income tax return, if all of other conditions are met, what is the maximum amount Colin and Laura could exclude from the sale of their home?

A. $330,000 B. $500,000 C. $620,000 D. $950,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

how does titration of a strong monoprotic acid with a strong base differ from a titration...

Chemistry
Q

A mirror creates an image that has a height of 2.50 cm that is behind the...

Physics
Q

A famous problem in probability comes from the game show “Let’s Make a Deal.”  In it, a...

Statistics
Q

The following letter has been issued by the CEO of   Pharma One Company to confirm accepting...

General Management
Q

If F sin0 2cose of Fis 1 coco A 1 then the minimum positive value...

Physics
Q

Use a Table of Integrals to evaluate the integral fesz sin 6zdz

Calculus
Q

transformations of the graph of f x 5 raph the function g x given below...

Algebra
Q

Find the inverse Z transform of Y z 2z 1 z 9

Algebra
Q

Tell whether each equation is linear If so write the equation in standard form and...

Algebra
Q

Accounting Cycle Review 4-4 (Part Level Submission) At June 30, 2017, the end of its...

Accounting
Q

22 On June 30,2024, K Company had outstanding 9\%, $10,000,000 face...

Accounting
Q

Cost of Units Completed and in Process The charges to Work in ProcessAssembly Department for...

Accounting