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please calculate adjusted Basis for Jones based on the information given. According to Mr. Jones on July 01, 2018, he and his wife exchanged their
please calculate adjusted Basis for Jones based on the information given.
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 basis of $780,000 and a FMV of $1050,000. The two-family home was subject to a $150,000 mortgage, which the buyer assumed. 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 basis of $780,000 and a FMV of $1050,000. The two-family home was subject to a $150,000 mortgage, which the buyer assumed Step by Step Solution
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