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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 "gain" on the sale is?

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M91606047

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