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What is their excluded gain

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Question - Leonard and Lindsay sold for $350,000 in October 2014 their residence that they had purchased in 2004 for $100,000. They made major capital improvements during their ten-year ownership totaling $30,000.

Suppose instead that the Lindsay's sold their home for $700,000. They moved into a smaller home costing $200,000.

What is their excluded gain?

How much must they recognize?

Reference no: EM132525782

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