Question Content AreaDebbie bought her home 15 years ago for $60,000. Three years ago, Debbie married Nia, and she moved into the same house and has lived there since. If they sell their house in the current year for $340,000, what is their taxable gain on a joint tax return? a. $280,000 b. $0 c. $155,000 d. $30,000
b. $0 Explanation: When a married couple sells their primary residence, they may exclude up to $500,000 of gain from their taxable income if they file a joint tax return, provided they meet the ownership and use tests. To qualify for the exclusion, they must have owned the home and used it as their primary residence for at least two of the five years prior to the sale. Debbie has owned the home for 15 years and Nia has lived there for three years since they got married. Therefore, they meet the ownership and use tests. The gain on the sale of the home is calculated as follows: Sale price - Original purchase price = Gain $340,000 - $60,000 = $280,000 Since the gain of $280,000 is less than the $500,000 exclusion limit for married couples filing jointly, and assuming they meet all other requirements for the exclusion, their taxable gain on the joint tax return would be: b. $0 This means they would not have to pay taxes on the gain from the sale of their home.
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