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1.How do you determine the realized gain or loss from the sale or disposition of property 2. In 2008, Ellen purchased a house for $150,000
1.How do you determine the realized gain or loss from the sale or disposition of property 2. In 2008, Ellen purchased a house for $150,000 to use as her personal residence. She paid $30,000 and borrowed $120,000 from the local savings and loan company. In 2010, she paid $20,00 to add a room to the house. In 2012, she paid 42,400 to have the house pained and $1,20 for built in bookshelves. As of January 1 of the current year she has reduced the $120,000 mortgage to $108,300. What is her basis for the house?
1.How do you determine the realized gain or loss from the sale or disposition of property
2. In 2008, Ellen purchased a house for $150,000 to use as her personal residence. She paid $30,000 and borrowed $120,000 from the local savings and loan company. In 2010, she paid $20,00 to add a room to the house. In 2012, she paid 42,400 to have the house pained and $1,20 for built in bookshelves. As of January 1 of the current year she has reduced the $120,000 mortgage to $108,300. What is her basis for the house?
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