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Calculate the exclusion on the sale of Lonzo house

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Problem - Lonzo is single. He sold his house and connecting property in July for $395,000. The house was purchased in 1958 by Lonzo and his wife (deceased four years ago) for $35,000. Lonzo completed the following work/purchases to the house during the time he lived there.

Purchase of connecting property

$30,000

Repaired heat pump

$800

Addition of 1,200 square feet

$55,000

Installed central heat/air

$4,250

In-ground pool

$15,000

Cleaned all plumbing pipes

$950

Repaired slate shingles

$2,000

 

 

Required - Calculate the exclusion on the sale of Lonzo's house?

a) $255,750

b) $260,000

c) $250,000

d) $395,000

Reference no: EM132858375

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