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Business, 25.11.2021 14:00 snlawson9053

You have just sold a condo that you own in Las Vegas Nevada in return for some cash and property on Lake Tahoe which includes a cabin. What is the Amount Realized the Sale, your Adjusted Basis; and, your Gain or Loss Realized and Recognized. You paid 400,000 for a two-bedroom condo in Las Vegas on the Strip and over the past 10 years you have used it for rental property and claimed 65,000 for depreciation. You made 40,000 in Capital Improvements in the condo in Las Vegas. You owe approximately 120,000 on the condo and the buyer assumed the mortgage for you. The cost of the sale was 50,000 which was deducted at closing. The person who bought the condo paid you 200,000 in cash and the Cabin in Lake Tahoe is worth 300,000 fair market value. He has a mortgage on this property totaling 50,000 which you have assumed.

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