How much must jean and pat report as gross income

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Reference no: EM133609965

Question: Jean and Pat, taxpayers married to each other, constantly buy houses, live in them while fixing them up, and then sell them. They bought one house in March for $200,000, lived in it for 3 months while fixing it (spending $50,000 in fixing expenses) then sold it in June for $350,000. How much must Jean and Pat report as gross income from this house?

Reference no: EM133609965

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