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What is Teri adjusted basis in her home

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Reference no: EM132691874

Problem - Teri's uncle gave her a house on 12/25/02. Her uncle purchased the house on 3/20/74 for $58,759. The fair market value of the house at the time of the gift was $79,000. Assume he owed no gift tax. The home has never been used for business. Before moving into the house, Teri paid for the following:

New roof $9,873

Installed storm windows $1,962

Replaced a broken window $127

Replaced gravel in the driveway $499

Required - What is Teri's adjusted basis in her home?

Reference no: EM132691874

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