In 2013 ann and kevin sold a house to pharlande for, Ask an Expert

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In 2013, Ann and Kevin sold a house to Pharlande for $1,600,000. Prior the 2013 sale, neither Ann nor Kevin had ever excluded a gain from the sale of a personal residence. Ann and Kevin had lived in the house for the last five years and used it exclusively for personal purposes. Ann and Kevin had purchased the house for $300,000. Ann and Kevin started living in the house immediately after purchasing it and never made any capital improvements to the house or took any depreciation (or other deductions) against it. Assume there were no selling expenses. How much of a gain did Ann and Kevin realize on the sale to Pharlande (assume that Ann and Kevin are married and file a joint return)?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945246

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