Shantel owned and lived in a home for five years before marrying Daron. Shantel and Daron lived in the home for two years before selling it at a $700,000 gain. Shantel was the sole owner of the residence until it was sold. How much of the gain may Shantel and Daron exclude?

A. $0

B. $250,000

C. $500,000

D. $700,000

Question

Business

Clark Blevins

10 November, 06:01

Shantel owned and lived in a home for five years before marrying Daron. Shantel and Daron lived in the home for two years before selling it at a $700,000 gain. Shantel was the sole owner of the residence until it was sold. How much of the gain may Shantel and Daron exclude?

A. $0

B. $250,000

C. $500,000

D. $700,000

+1

Answers (1)

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Dragon · Answer 1

C)

Explanation:

$500,000

Shantel meets the ownership test and both shantel and Daron meet the use test requirement, the couple may exclude $500,000 of gain.