Y and her spouse Z, have owned a vacation home for seven years. On June...
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Accounting
Y and her spouse Z, have owned a vacation home for seven years. On June 2, 2018, the home was sold at a gain of $525,000. How much gain must Y recognize?
A
$0 regardless of filing status
B
$25,000 if Y and Z file jointly
C
$12,500 if Y files separately
D
$525,000 regardless of her filing status
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