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Debora originally sold her home for $92000. At tht time her adjusted basis in the home was $95000. Five years later, she repossessed the home
Debora originally sold her home for $92000. At tht time her adjusted basis in the home was $95000. Five years later, she repossessed the home when the blance of the balance of the note was $87000. She resold it within one year for $100000. Original sale expenses were $1150. Repossession costs were $2900. She incurred $1100 for improvements prior to the resale. What is Deborah's recomputed gain. |
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