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                                 $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?

Answer rating: 100% (QA)

To calculate Josiahs taxable gain on the home we need to determine his adjus... View the full answer