This year, Manuel bought and put into service a single-family rental house. 

You paid the following amounts to acquire the property: 

$325,000 sales price (including $20,000 for the land)

 $4,200 legal fees and recording costs (including $4,000 allocated to the building and $200 allocated to the land) 

$250 to have the property professionally cleaned before the house was put into service. 

What is Manuel's basis for the depreciation of the house?

Answer rating: 100% (QA)

To calculate Manuels basis for the depreciation of the house we need to consider the costs incurred ... View the full answer