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Joe and Jean, a married couple, purchased their primary residence in 1993 for $100,000

Accounting

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Joe and Jean, a married couple, purchased their primary residence in 1993 for $100,000. While they lived there, they made renovations at a cost of $125,000. They lived there until July 1, 2016. On June 15, 2019, the residence was sold for $800,000. From July 1, 2016, until June 15, 2019, the home was unoccupied. Joe and Jean file a joint retum, and they have never excluded a gain from the sale of another home. What is their taxable gain? A. $575,000 B. $75,000 C. $200,000 D. $0