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Investopedia explains 'Amount Realized'
To calculate the amount realized, simply take the difference of the total consideration given and subtract the cost basis. If the difference is positive, then the amount realized is a gain. If the difference is negative, the amount realized is a loss.
The total consideration will also include any liabilities assumed, as in this example:
Assume you have sold some property that has an outstanding mortgage of $75,000 to a buyer. The buyer pays you $40,000 and assumes the mortgage. In this case, you would have realized a total gain of $115,000 ($40,000 payment + $75,000 mortgage transferred).
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