Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can someone help explain this You have just sold a house at Surfside Beach that you have had listed for sale for $500,000. You sold
can someone help explain this
You have just sold a house at Surfside Beach that you have had listed for sale for $500,000. You sold it for the following: Cash $150,000.. . Buyer assumed your debt on the house of $100,000 ..... Buyer also deeded you 10 acres and a cabin outside Asheville North Carolina that is valued at $300,000... and, you agreed to assume the debt on the cabin and land in the amount of $75,000. The selling expenses on the sale are $40,000. You purchased the Surfside Beach House in 1989 for $75,000; and, you have made $50,000 in capital improvements on the property. You have never sustained a casualty loss - nor did you ever rent the beach house out to claim any depreciation. Please show you work in determining the following: SHOW YOUR WORK !!!!!!!!!!! Amount Realized: Adjusted Basis: Gain / Loss Realized: Gain / Loss Recognized Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started