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Jack purchased a house in January 2018 for $119,000. The house was not his primary residence. During the time Jack owned the house, he deducted
Jack purchased a house in January 2018 for $119,000. The house was not his primary residence. During the time Jack owned the house, he deducted $13,000 for depreciation. The county installed water and sewer connections (valued at $7,000). Jack had to rewire the house, which cost $1,500. He has lived in the house since January of 2021. Calculate Jack's adjusted basis in the home as he prepares to sell the home. Jack has the following expenses in the final year that he owns the house:
Replace the roof $ 5,000 Outside security lights $ 200
Replace the roof $ 5,000 Outside security lights $ 200
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