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Ike and Tina Married and Moved into Their New Home

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Ike and Tina married and moved into their new home (purchase price $800,000) 18 months ago. They are thinking of selling the home which is now worth $1,300,000. They plan to reinvest in a smaller home costing approximately $600,000. What should they consider before selling their home?

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Under Sec. 121, if Ike and Tina own and ...

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