Yolanda buys a house in the mountains for $450,000 which she uses as her personal vacation home. she builds an additional room on the house for $40,000. she sells the property for $560,000 and pays $28,000 in commissions and $14,000 in legal fees in connection with the sale. what is the recognized gain or loss on the sale of the house?

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Makenna Mullen

8 November, 07:56

Yolanda buys a house in the mountains for $450,000 which she uses as her personal vacation home. she builds an additional room on the house for $40,000. she sells the property for $560,000 and pays $28,000 in commissions and $14,000 in legal fees in connection with the sale. what is the recognized gain or loss on the sale of the house?

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Starr · Answer 1

Yolanda buys a house in the mountains for $450,000 which she uses as her personal vacation home. she builds an additional room on the house for $40,000. she sells the property for $560,000 and pays $28,000 in commissions and $14,000 in legal fees in connection with the sale. what is the recognized gain or loss on the sale of the house? = She gained $28,000