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Business, 02.04.2020 19:01 jadejordan8888

Alexis purchases a duplex by paying $18,000 cash and assuming the seller's $80,000 mortgage. She pays legal fees of $3,000 and spends $9,000 on painting and carpeting the 2 units before renting out 1 unit and moving into the other (i. e., 1 unit is her personal residence). Three years later, Alexis purchases a house and moves out of the duplex unit and rents it out. She had taken $4,800 in depreciation on the rental unit and had her unit repainted at a cost of $900 before renting it out. Because of a general decline in property values, the duplex is worth only $60,000 when she moves out of it. What is her adjusted basis in the duplex?

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Alexis purchases a duplex by paying $18,000 cash and assuming the seller's $80,000 mortgage. She pay...
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