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What is their cost basis and what is their expense of sale? On January 12, 2018, Albert and Allison sold their personal residence for $715,150
What is their cost basis and what is their expense of sale?
On January 12, 2018, Albert and Allison sold their personal residence for $715,150 and purchased a new house for $725,000. This was their personal residence before and after the divorce (they have lived in it together for three years since remarrying). The old house cost $120,000 back in January of 2006 and they added on a new bedroom and bathroom a few years ago for a cost of $20,000. They also built a pool for a cost of $60,000. They moved into the new house on January 19, 2018Step by Step Solution
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