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how to calculate adjusted basis on the given infprmation? this is a tax project. i meed help on this. where on the tax documents thos

image text in transcribed
how to calculate adjusted basis on the given infprmation?
this is a tax project. i meed help on this.
where on the tax documents thos data will go image text in transcribed
- 1031 Transaction - Starting Canyoner Basis for new hoperey Whichison Attentic Ave expenses in 2018 for 685 Atlantic Avenue. The property was placed in service on October 01, 2018. Other Rental Income and Expenses for 2018 included: Pinebrook Property Avenue A Property Rental Income $70,000.00 $135,000.00 Mortgage Interest Expense $12,000.00 $18,000.00 Real Estate Taxes $7,000.00 $14,000.00 Utilities $2,500.00 $8,500.00 Insurance $2,750.00 $5,700.00 Water & Sewer $1,100.00 $3,350.00 Place in Service 01/01/2010 01/01/2018 $675,000.00 Purchase Price 950,000.00 ont chows the following wages and sim. Starting Camporer Basis for New thisperey linistirom Atlantic Are Formlos Individual Income Taxatie Prof. E. Gary Class Project Due December 06, 2019 Alice and se e who file in return Alice birthday is September 21, 1061d R esis June 27, 1960. Bruce is the office manager for Ames Dental Clinic Alise is the CPA at Lehman, York & Hunter CPA, LP water A 24 The Jones provide over half of the support of their two children, Cynthia bom January 25, 1994, Social Security number (017-44.9126) and John (born February 7. 23 1995, Social Security number (017.27-4148) who live with them. Both children are full- time students and live with the lones except when they are away at college. Cynthia is in her third year of college, and earned $11.350 from a summer internship in 2018, and John is in his first year of college and he cared $3.200 from a part-time job in 2018. In 2018, the Jones' paid $4,100 for Cynthia's college tuition and $3,600 for John's college tuition. The Jones also provided all the support for their 26-year-old son Ryan who recently graduated from law school but cannot find employment. Ryan lives in DC. According to Mr. Jones on July 01, 2018, he and his wife exchanged their two- family house in Westchester County (400 Pinebrook Blvd, New Rochelle, NY), which they rented entirely from January 01, 2010 to July 01, 2018, for a four family rental property located at 685 Atlantic Avenue, Brooklyn, NY. At the time of the exchange, the FMV of the two family house was $1.200,000, and the adjusted basis was $??????? (Calculate based on information provided below). The six-family house had an adjusted hasis of $780,000 and a FMV of S1050,000. The two-family home was subject to a $150,000 mortgage, which the buyer assumed. Schedule Renowhome The Jones also owned and rented a two-unit commercial retail building located at 1560 Avenue A, New York NY, which they purchased on December 01, 2017 and placed in service on January 01, 2018. Information for all three of the rental properties is listed below. In March 2018, Bruce decided to start his own business, a retail bicycle shop to be located in NYC near Central Park called "Bruce's Bikes." On April 20, 2018, Bruce signed a 10-year lease at a monthly rental rate of $10,000, effective May 01, retail space on 110 Street and CPW. The lease provided that Bruce was responsible for the costs of improving the retail space for its intended use. The terms of the lease also provided that the first three months were rent-free so that Bruce could complete the construction needed to operate a retail bike shop. When Bruce executed the lease he paid the landlord $50,000 as a security deposit. On May 01, 2018, Bruce paid a contractor $250,000 to provide all construction work relating to the build-out, which included electrical, plumbing, and carpentry. On June 01. 2018, Bruce purchased the following assets for the business: Deaft next week - 1031 Transaction - Starting Canyoner Basis for new hoperey Whichison Attentic Ave expenses in 2018 for 685 Atlantic Avenue. The property was placed in service on October 01, 2018. Other Rental Income and Expenses for 2018 included: Pinebrook Property Avenue A Property Rental Income $70,000.00 $135,000.00 Mortgage Interest Expense $12,000.00 $18,000.00 Real Estate Taxes $7,000.00 $14,000.00 Utilities $2,500.00 $8,500.00 Insurance $2,750.00 $5,700.00 Water & Sewer $1,100.00 $3,350.00 Place in Service 01/01/2010 01/01/2018 $675,000.00 Purchase Price 950,000.00 ont chows the following wages and sim. Starting Camporer Basis for New thisperey linistirom Atlantic Are Formlos Individual Income Taxatie Prof. E. Gary Class Project Due December 06, 2019 Alice and se e who file in return Alice birthday is September 21, 1061d R esis June 27, 1960. Bruce is the office manager for Ames Dental Clinic Alise is the CPA at Lehman, York & Hunter CPA, LP water A 24 The Jones provide over half of the support of their two children, Cynthia bom January 25, 1994, Social Security number (017-44.9126) and John (born February 7. 23 1995, Social Security number (017.27-4148) who live with them. Both children are full- time students and live with the lones except when they are away at college. Cynthia is in her third year of college, and earned $11.350 from a summer internship in 2018, and John is in his first year of college and he cared $3.200 from a part-time job in 2018. In 2018, the Jones' paid $4,100 for Cynthia's college tuition and $3,600 for John's college tuition. The Jones also provided all the support for their 26-year-old son Ryan who recently graduated from law school but cannot find employment. Ryan lives in DC. According to Mr. Jones on July 01, 2018, he and his wife exchanged their two- family house in Westchester County (400 Pinebrook Blvd, New Rochelle, NY), which they rented entirely from January 01, 2010 to July 01, 2018, for a four family rental property located at 685 Atlantic Avenue, Brooklyn, NY. At the time of the exchange, the FMV of the two family house was $1.200,000, and the adjusted basis was $??????? (Calculate based on information provided below). The six-family house had an adjusted hasis of $780,000 and a FMV of S1050,000. The two-family home was subject to a $150,000 mortgage, which the buyer assumed. Schedule Renowhome The Jones also owned and rented a two-unit commercial retail building located at 1560 Avenue A, New York NY, which they purchased on December 01, 2017 and placed in service on January 01, 2018. Information for all three of the rental properties is listed below. In March 2018, Bruce decided to start his own business, a retail bicycle shop to be located in NYC near Central Park called "Bruce's Bikes." On April 20, 2018, Bruce signed a 10-year lease at a monthly rental rate of $10,000, effective May 01, retail space on 110 Street and CPW. The lease provided that Bruce was responsible for the costs of improving the retail space for its intended use. The terms of the lease also provided that the first three months were rent-free so that Bruce could complete the construction needed to operate a retail bike shop. When Bruce executed the lease he paid the landlord $50,000 as a security deposit. On May 01, 2018, Bruce paid a contractor $250,000 to provide all construction work relating to the build-out, which included electrical, plumbing, and carpentry. On June 01. 2018, Bruce purchased the following assets for the business: Deaft next week

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