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7 October, 17:30

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

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Answers (1)
  1. 7 October, 17:51
    0
    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.
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