Jason and Alicia Johnston purchased a home in Austin,Texas for $500,000.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 $800,000.What amount of the $300,000 gain are they allowed to exclude?

Question

Quizplus · Accepted Answer

The Answer of Jason and Alicia Johnston purchased a home in Austin,Texas for $500,000.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 $800,000.What amount of the $300,000 gain are they allowed to exclude?

Jason and Alicia Johnston Purchased a Home in Austin,Texas for $500,000.They