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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
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 house at the time of the gift was $200,000. Assume he owed no gift tax. The home has never been used for business. Before moving into the house, Josiah paid for the following: New vinyl siding Installed storm door and windows Repairs to appliances Cemented the driveway $13,873 $2,962 $585 $10,500 327920 Josiah sold the home in August 2020 for $350,000. What is Josiah's taxable gain on the home, if any? lats 0 b) $ 37,990 c) $100,000 d) $ 10,070 rn mother and father gave her a condo on 7/4/2020. Her parents purchased the condo on of the time of the gift was $265.000. angift faxexclusion is allowed in this transaction
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