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

Question

Beckham Foley

Business

24 November, 09:12

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

+4

Answers (1)

Know the Answer?

Rachel Mora · Answer 1

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.

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

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