TaylorNikii9125 TaylorNikii9125

06-03-2020
Business

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Maria and Ed just sold their home of 20 years so that they could purchase a smaller home. They realized a $400,000 capital gain on the home. How much of this gain will Maria and Ed have to pay taxes on?

Respuesta :

jepessoa jepessoa

07-03-2020

Answer:

$0

Explanation:

The capital gains exemption for selling your house is $500,000 for a married couple. They must meet certain requirements like having lived in the house for the last 2 years, but since Maria and Ed have lived there for 20 years, then they shouldn't have any problem with it.

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