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Income tax related problem

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Annie's home was featured on ABC Extreme Home Makeover. The show transformed her small 2 bedroom rundown bungalow into a beautiful 3-story, 6 bedroom, 5 full bathroom mansion, complete with a swimming pool. The fair market value of the improvements was estimated to be $ 850,000. Annie callled in distraught because her property tax bill was over $ 10,000, and she had no means of paying the bill. She also wanted to know how much income tax she had to pay on this 'wonderful' event.

Reference no: EM13131241

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