Question
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
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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South-Western Federal Taxation 2020 Comprehensive
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
43rd Edition
357109147, 978-0357109144
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