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Lesson 7Question 97In 2023, Colin and Laura sold their home for $990,000. They paid $40,000...

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Accounting

Lesson 7
Question 97
In 2023, Colin and Laura sold their home for $990,000. They paid $40,000 in expenses so their earnings are $950,000. They bought the house in 2013 and paid $300,000 for the house and spent $30,000 on a garage so their base would be $330,000. Subtract $330,000 from $950,000 to find that your profit equals $620,000. When filing your joint tax return, if all other conditions are met, what is the maximum amount Colin and Laura could exclude from the sale of their home?
A. $330,000B. $500,000C. $620,000D. $950,000

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