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- My grandmother sold me her condo for $110K with a gift of equity of 22K and I pulled a 88K mortgage. Before I/we sold it I installed new carpet, paint, new sink.

My tax would be based on (Sale price - 110K - realtor fees - improvements) = Y Then Y * .15(long term cap gains rate) equals tax.

Also this amount Y would then be added in AMT calc's

Is this correct?

Thanks for your guidance.

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