I need help please.
Imagine you buy house 1 for $100,000. You sell it for $150,000. If we ignore expenses, depreciation ... Let's say your deferred gain is $50,000 and cost basis is $100,000. Now you buy a new house #2 with the $150,000 you received from the first sale. what is the cost basis for house 2?
Basis in Sold Property $100,000
Add the value of any other property you transfer in the exchange, the amount of cash you are contributing to the new purchase, and any recognized gain on the sold property. $150,000
Subtract any money or property you received in the exchange. $150,000
Basis $100,000
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
