Basil,who is single,purchased a house on May 10,1981,for $175,000.During the years Basil owned the house,he installed a pool at a cost of $20,000 and built a new garage at a cost of $20,000.On October 12,2014,Basil sold the house for $518,000.Basil paid a sales commission of $24,600 and legal fees of $400 connected with the sale of the house.What is Basil's recognized gain on the sale of the house?

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The Answer of Basil,who is single,purchased a house on May 10,1981,for $175,000.During the years Basil owned the house,he installed a pool at a cost of $20,000 and built a new garage at a cost of $20,000.On October 12,2014,Basil sold the house for $518,000.Basil paid a sales commission of $24,600 and legal fees of $400 connected with the sale of the house.What is Basil's recognized gain on the sale of the house?

Basil,who Is Single,purchased a House on May 10,1981,for $175,000