Anne sold her home for $290,000 in 2018. Selling expenses were $17,400. She purchased it in 2012

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Anne sold her home for $290,000 in 2018. Selling expenses were $17,400. She purchased it in 2012 for $200,000. During the period of ownership, Anne had done die following:

  • Deducted $50,500 office-in-home expenses, which included $4,500 in depreciation.
  • Deducted a casualty loss in 2014 for residential trees destroyed by a hurricane (her county was declared a Federal disaster area). The total loss was $19,000 (after the $100 floor and the 10%-of-AGI floor), and Anne’s insurance company reimbursed her for $13,500. 
  • Paid street paving assessment of $7,000 and added sidewalks for $8,000.
  • Installed an elevator for medical reasons. The total cost was $20,000, and Anne deducted $13,000 as medical expenses. What is Anne's realized gain?
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South-Western Federal Taxation 2019 Comprehensive

ISBN: 9781337703017

42th Edition

Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young

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