In 2008, Ellen purchased a house for $150,000 to use as her personal residence. She paid $30,000
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In 2008, Ellen purchased a house for $150,000 to use as her personal residence. She paid $30,000 and borrowed $120,000 from the local savings and loan company. In 2010 she paid $20,000 to add a room to the house. In 2012 she paid $2,400 to have the house painted and $1,200 for builtin bookshelves. As of January 1 of the current year, she has reduced the $120,000 mortgage to $108,300. What is her basis for the house?
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Cost of the house 150000 Cost of the room ...View the full answer
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Related Book For
Federal Taxation 2019 Individuals
ISBN: 9780134739670
32nd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson
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