Julie sold her vacation home during the tax year. Julie purchased the property in 2009 for $236,500 and sold the property for $429,000. Julie paid $5,250 to add a deck onto the home in 2012. In 2014, a flood caused $25,000 of damage, which she paid out-of-pocket to restore the property. Julie did not have flood insurance and was able to claim a $4,100 casualty loss on her itemized deductions that year. What amount of gain from the sale would be reported on her return?

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Calculating Julies Gain from the Sale To determine the amount of gain J... View the full answer