Jason and Alicia Johnston purchased a home in Austin, Texas, for $637,500. They moved into the home on September 1, year 0. They lived in the home as their primary residence until July 1 of year 5, when they sold the home for $701,250. What amount of the $63,750 gain are they allowed to exclude? (Assume married filing jointly.)

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The Answer of Jason and Alicia Johnston purchased a home in Austin, Texas, for $637,500. They moved into the home on September 1, year 0. They lived in the home as their primary residence until July 1 of year 5, when they sold the home for $701,250. What amount of the $63,750 gain are they allowed to exclude? (Assume married filing jointly.)

Jason and Alicia Johnston Purchased a Home in Austin, Texas