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Anne sold her home for $290,000 in 2015. Selling expenses were $17,400. She purchased it in 2009 for $200,000. During the period of ownership, Anne had done the following:

Deducted $50,500 office-in-home expenses, which included $4,500 in depreciation.

Deducted a casualty loss in 2011 for residential trees destroyed by a hurricane. The total loss was $19,000 (after the $100 floor and the 10%-of-AGI floor), and Anne's insurance company reimbursed her for $13,500.

Paid street paving assessment of $7,000 and added sidewalks for $8,000.

Installed an elevator for medical reasons. The total cost was $20,000, and Anne deducted $13,000 as medical expenses.

What is the amount that Anne realized on the sale? $

What is the adjusted basis of Anne's home? $

Anne's realized Select gain loss Correct 3 of Item 1 on the sale is $.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M91526777

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