Aane sold her home for $290,000 in 2021, Selling expenses were $17,400. She purchased it...
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Aane sold her home for $290,000 in 2021, Selling expenses were $17,400. She purchased it in 2015 for $200,000. During the period of ownership, Anne did the following. - Deducted $50,500 office-in-home expenses, which induded $4,500 in depreciation. (Refer to text Section 9-6a.) - Deducted a casualty loss in 2017 for residential trees destroyed by a hurricane (her county was deciared a Federal disaster area). The total loss was $19,000 (after the $100 floor and the 10%-of-AGt foor), and Anne's insurance company reimbursed her for 513,500. (Refer to text Section 7-3.) - 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. (Refer to text Section 10-16.) What is the amount that Anne realized on the sale? What is the adjusted basis of Anne's home? Arne's realized on the sale is 1
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