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Daniel, who is single, purchased a house on May 15,1998 , for $129,000. During the years he owned the house, he installed a swimming pool
Daniel, who is single, purchased a house on May 15,1998 , for $129,000. During the years he owned the house, he installed a swimming pool at a cost of $31,000 and replaced the driveway at a cost of $15,500. On April 28,2021 , Daniel sold the house for $491,000. He paid a realtor commission of $32,900 and legal fees of $1,700 connected with the sale of the house. What is Daniel's recognized gain on the sale of the house? Multiple Choice $0 $315,500 $280,900 $30,900
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