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lutik1710 [3]
3 years ago
15

On August 31, 2018, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their personal res

idence, which they have owned and lived in for 10 years. The realized gain of $292,000 was excluded under § 121. They purchased another personal residence in Charleston for $480,000 on September 1, 2018. However, in 2019, Harvey's employer transfers him to Houston, Texas. They sell their Charleston home on February 28, 2019, and purchase a new home in Houston. The realized gain on the second sale is $180,000. Harvey and Margaret's recognized gain on the second sale is $_________
Business
2 answers:
SVEN [57.7K]3 years ago
8 0

Answer:

$55,000

Explanation:

Since Harvey and Margaret are married, their § 121 exclusion = $500,000 since they meet all the ownership requirements. The gain resulting from the sale of their Charleston home was fully excluded ($292,000).

Since the sale of the second home is within the two year window period, then the recognized gain will be:

realized gain ($180,000) - § 121 exclusion ($500,000 x 6/24 months = $125,000) = $55,000

Nana76 [90]3 years ago
5 0

Answer:

55,000

Explanation:

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