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Hi, my name is Mark. I will be happy to help you with your questions. What kind of updates, repairs and renovations did you do?
All of these expenses would add to the basis of the property. So to determine the gain or loss you would take your original purchase price of $25,000 + updates, repairs, and renovations = adjusted basis. You your gain or loss would be $58,900 less your adjusted basis less closing costs $8,000.
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