Thursday, November 10, 2011
Tax hw question, cost basis before and after 1031 exchange.?
Selke, age 40, sold her personal residence of 15 years in 1995 for 0,000 and realized a gain of ,000 (no gain recognized). Jan 1, 1996 she purchased a condo in Santa Monica for 0,000 in cash. She lived there until Jan 1, 2000, when she relocated to SF. She rented out the condo until 2007, when she exchanged it in accordance with all provisions of 1030 exchange for a rental property with a FMV of 0,000. The Santa Monica condo had a FMV of 0,000. She took out a mortgage to pay for the balance of the property and did not add any other cash or
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