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Melody (single) had her home condemned by the state department of transportation. Her basis in the house was $200,000. She received a net condemnation award
Melody (single) had her home condemned by the state department of transportation. Her basis in the house was $200,000. She received a net condemnation award of $500,000. Rather than replace the property, Melody decided to rent an apartment. Melody had owned the home and used it as her main home for the ten years prior to the condemnation. How much gain does Melody report from the sale? $0 $50,000 $250,000 $300,000
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