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I am stuck on this question can someone tell me if I report a loss or gain? I am getting a loss. however I am
I am stuck on this question can someone tell me if I report a loss or gain? I am getting a loss. however I am confused about the basement addition. I searched it but want make sure if I get the same answer. please help
*** Gain or loss (short term or long term) on the house sale: John purchased a house in June 2007 for $300,000 He added basement for $30,000 He repainted roof for $2,500 He repaired 3 broken doors (but not the home office door) for $3,500 John sold the house in February 2020 whereas the buyer paid $220,000 in cash and assumed remaining mortgage on the house of $75,000. Depreciation allowed and taken as a business expense: $70,000Step by Step Solution
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