Josiah's great aunt gave him the family home on 10/19/2015. His aunt purchased the house...
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Accounting
Josiah's great aunt gave him the family home on 10/19/2015. His aunt purchased the house on 2/25/70 for $62,595. The fair market value of the house at the time of the gift was $200,000. Assume he owed no gift tax. The home has never been used for business. Before moving into the house, Josiah paid for the following:
New vinyl siding $13,873
Installed storm door and windows $2,962
Repairs to appliances $585
Cemented the driveway $10,500
Josiah sold the home in August 2020 for $350,000. What is Josiah's taxable gain on the home, if any?
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