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So as far as the exclusion, I always though that the amount was excluded nd then the residual was then taxed....other wise Luis and Joe could have sold their home for $17K less and then saved about $60K in taxes, but I guess that is for the accountants!
I excluded the exclusion amount from the total amount that is subject to taxes and I also calculated the taxes based off the brackets in that each tranche would be taxed at the specific rate as opposed to just taxing the entire "overage" by the percent bracket that they ultimately fall under.
It seems to me like the solution did not take into consideration the Exclusion Amount ($250,000 - Single, $500,000 - Married Filing Jointly). Is it because the challenge did not consider if the people in the examples met the residence requirements to exclude the gains?
I got the "correct" answer but I based my capital gain tax calculation on the assumption that both parties who had capital gains qualified for the exclusion amount.
Can anyone else offer any insight on the activity and the solution?
Thanks in advance!
I found the challenge straight forward until I realised there needs to be some form of fuzzy matched involved to join the Tax Rates table to the Home Expenses. Rather than create a lookup table, or create some hardcoded logic with a switch function, I tried to form a dynamic method. Fun stuff.
I also didn't hardcode the % allocation at the end. Used RegEx here. Pretty dynamic way to approach it. If users were to change %s in the table, the workflow should still run fine
Part 2: dynamic lookup table
got it