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What is teri adjusted basis in home

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Reference no: EM132826817

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

Problem 1: What is Teri's adjusted basis in her home?

Select one:

a. $91,461
b. $70,721
c. $70,594
d. $90,835

Reference no: EM132826817

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