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Julie sold her vacation home during the tax year. julie purchased the property in 2007 for
$236,500 and sold the property for $429,000. julie paid $5,250 to add a deck onto the home
in 2010. in 2012, 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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Based on the cost of the property to Julie in 2007 and the various costs incurred since then, the amount of gain would be $166,350.

What is the gain on the property?

First find cost Julie has incurred in total:
= 236,500 + 5,250 + 25,000 - 4,100

= $262,650

The gain is therefore:

= Selling price - Total cost incurred

= 429,000 - 262,650

= $166,350

Find out more on gain on property at https://brainly.com/question/10652625.

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