What would be the tax on selling the home, Accounting Basics

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What would be the tax on selling the home

Problem

Joe and Janet live in a house owned by Joe (for the last ten years). They are not married although they have lived in the house for ten years. Joe's basis in the house is $300,000 and the fair market value of the home is $700,000. Joe wants to know what would be the tax on selling the home, and any advice you might have.

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Accounting Basics: What would be the tax on selling the home

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