earnest12
Level 1
05-03-2020
12:57 PM
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My client sold real estate 1-15-15. It is reported as installment sale income. He refinanced on 6-6-19 for purchaser, but used the incorrect amount as the beginning balance, $9,000 less than the actual amount owed. If the basis stays the same as the original amount, there will be a $42,700 loss. Does the basis change?