In 2008, Elizabeth purchased a house for $160,000 to use as her personal residence. She paid $32,000 and borrowed $128,000 from the local savings and loan company. In 2010 she paid $17,000 to add a room to the house. In 2012 she paid $1,400 to have the house painted and $1,900 for built-in bookshelves. As of January 1 of the current year, she has reduced the $128,000 mortgage to $115,200. What is her basis for the house?

Answer rating: 100% (QA)

Solution 178900 Working Cost o... View the full answer