In 2012, Ellen purchased a house for ($150,000) to use as her personal residence. She paid ($30,000)

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In 2012, 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 2014, she paid \($20,000\) to add a room to the house. In 2016, she paid \($2,400\) to have the house painted and \($1,200\) for built-in 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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Pearsons Federal Taxation 2024 Individuals

ISBN: 9780138238100

37th Edition

Authors: Mitchell Franklin, Luke E. Richardson

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