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Deductions & credits
Your answer is wrong. You failed to explain for example, a person filing as single who is eligible for the maximum of exclusion at $250,000 where the sale of the home is greater than $250,000 after figuring the selling price minus original purchase price plus any gain or loss that still results in $250,000 net proceeds. You need that scenario and the corresponding scenario for married filing jointly of the $500,000 exclusion.
March 12, 2023
1:36 PM