Larry owned and lived in a home for five years before marrying Darlene.Larry and Darlene lived in the home for one year before selling it at a $600,000 gain.Larry was the sole owner of the residence until it was sold.How much of the gain may Larry and Darlene exclude?

Question

Quizplus · Accepted Answer

Larry may exclude $250,000 of the gain because he owned and lived in the home for five years before marrying Darlene.

Larry Owned and Lived in a Home for Five Years