Joe and Jill sell their principal residence for $650,000. Their adjusted basis in the property is $275,000.

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Joe and Jill sell their principal residence for $650,000. Their adjusted basis in the property is $275,000. To complete the sale, Joe and Jill have to take back a second mortgage for $120,000. The buyers borrow $465,000 from a local bank and put down $65,000 in cash

Posted Date: May 18, 2024 02:05 PM

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Joe and Jill sell their principal residence for $650,000. Their adjusted basis in the property is $275,000.

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