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Amrit purchased his primary residence for $400,000. This was his cost basis at the time of sale. As part of the closing procedure, he paid
Amrit purchased his primary residence for $400,000. This was his cost basis at the time of sale. As part of the closing procedure, he paid $3,000 in a loan origination fee, $800 to a lawyer to review the purchase contract and other closing papers, $200 for a property survey, and $600 for title insurance. What is Amrit's basis in the residence?
a.$ 400,000
b. $401,600
c. $403,000
d. $404,600
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