Ask Question
13 September, 23:03

Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved into the same house and has lived there since. If they sell Jerry's house in the current year for $340,000, what is their taxable gain on a joint tax return?

$0

$30,000

$280,000

$155,000

+3
Answers (1)
  1. 14 September, 00:59
    0
    The correct answer to the following question is option A) $0

    Explanation:

    Given information -

    House bought 15 years ago by Jerry at - $60,000

    Jerry and her wife Debbie sold the house for - $340,000

    The realized gain for Jerry and Debbie on the sale of house - $280,000 ($340,000 - $60,000)

    Jerry and Debbie wants to file joint tax return, and they are allowed an exclusion up to $500,000. Which means if the amount of gain doesn't exceed $500,000, then they won't have to pay tax on this gain.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Jerry bought his home 15 years ago for $60,000. Three years ago, Jerry married Debbie and she moved into the same house and has lived there ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers