"Quality educational courses since 1991"

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Test Your Tax Knowledge:
 

PART 1
Individuals

1. Mr. and Mrs. Black purchased their primary residence in 1995 and lived in it until they sold it in the current year. They purchased the home for $250,000 and sold it for $650,000. Since their home was sold for more than the maximum exclusion of $500,000, they are required to report the sale of their home on their current year's tax return.

Select your answer:

True
False

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