Becky bought a home with her husband,Ken,in 1999 for $125,000.They were divorced in 2008 and Becky became sole owner of the home under the divorce decree.On January 5,2012,Becky married Michael.Michael and Becky have been living in the house since their marriage but they are planning now to move.If Michael and Becky sell their home on December 15,2013 for $500,000,how much taxable gain must they report on their 2013 joint tax return?

Question

Quizplus · Accepted Answer

The Answer of Becky bought a home with her husband,Ken,in 1999 for $125,000.They were divorced in 2008 and Becky became sole owner of the home under the divorce decree.On January 5,2012,Becky married Michael.Michael and Becky have been living in the house since their marriage but they are planning now to move.If Michael and Becky sell their home on December 15,2013 for $500,000,how much taxable gain must they report on their 2013 joint tax return?

Becky Bought a Home with Her Husband,Ken,in 1999 for $125,000