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Sid and Nancy, both are aged 56, were married in 2019, and plan to file...

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Accounting

Sid and Nancy, both are aged 56, were married in 2019, and plan to file married filing jointly for their 2024 income tax return. Due to Sid's poor credit history, he was unable to qualify for a home mortgage. Nancy on the other hand, has an excellent credit history, so she was able to purchase a house on March 1,2023. They both have lived in the house since March 1,2023. Sid and Nancy will move to Denver on December 1,2024, due to a new job for Nancy. Assuming that the house sells on December 1 as well, what is the maximum amount of the gain that they can exclude on their 2024 tax return from the sale of their home? (3 points)
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