Jill bought a house 3 years ago and paid $175,000 for it and spent $7,000 in closing costs. since, then she has made several improvements to the property for $75,000. jills boss promoted her to vp of market 5 and she had to relocate. she sold her house for $375,000 with $30,000 in selling costs. she bought a new house for $290,000. what is the capital gain on the sale of her original home?

$88,000

Explanation:

Jill's original house value = $175,000 house cost + $7,000 closing costs + $75,000 improvements = $257,000

Jill's revenue from house sale = $375,000 selling price - $30,000 sale cost

                                                  = $345,000

Jill's capital gain = $345,000 sales revenue - $257,000 house original value

                           = $88,000

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