15-28 Section 121 Exclusion. Four years ago C bought a sail boat for $225,000. Immediately arter the purchase he moved...
15-28 Section 121 Exclusion. Four years ago C bought a sail boat for $225,000. Immediately arter the purchase he moved in and it became his principal residence. He keeps the Sail boat in a slip near Sarasota but often sails off for weeks at a time. This year he decided to sell the boat. In preparation for sale, he made improvements costing $22,300 and repairs totaling $32,00. He sold the boat for $345,000. How is this sale treated on C's income tax return for the calendar year of sale? 1E