Jacob lived in his house as his primary residence from 2018, when he bought it for $175,000. The assessment at that time showed the land value to be $15,000. He made no improvements while he lived there, and in 2021 converted the property to rental-use. In early 2022, he spent $15,000 on a kitchen renovation before selling the house in December 2022. What is Jacob's adjusted basis in the house before any allowable depreciation when he sold it?

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