ln 2009, Ellen purchased a house for $ 150,000 to use as her personal residence. She paid

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ln 2009, Ellen purchased a house for $ 150,000 to use as her personal residence. She paid 530,000 and borrowed S 120,000 from the local savings and loan company. In 201 I she paid $20,000 to add a room to the house. In 2013 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 ha~ reduced the $120,000 mortgage to $108,300. What is her basis for the house?

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Federal Taxation 2020 Comprehensive

ISBN: 9780135196274

33rd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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