On June 24th 2021 Erika purchased a duplex with the intent of renting both units...
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Accounting
On June 24th 2021 Erika purchased a duplex with the intent of renting both units the seller Emmanuel have fallen behind on payments so Erica paid Emmanuel 50,000 in cash and assume the $225,000 mortgage the assessed value of the property is $245,000 with 35,000 of that for the land Erica's other sale expenses are:
2,200 mortgage interest
1750 real estate tax owed by emanuel
300 legal fees
500 loan assumption fee
What is Erikas basis in the duplex?
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