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Business, 03.08.2021 01:50 zhiyar9879

Pedro, age 57, is the sole owner of his principal residence, which he has owned and occupied for 10 years. Maria, his spouse, has also lived there 10 years. He sells the house for a realized gain of $340,000. Required:
a. Can Pedro use the $121 exclusion if he and Maria file a joint return?
b. If Pedro can use the $121 exclusion, the maximum eligible amount of $121 exclusion (before any limitations) is :

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Pedro, age 57, is the sole owner of his principal residence, which he has owned and occupied for 10...

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