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I purchased a rental house for $250,000.00. I put down $50,000.00 cash and took out a mortgage for the balance of $200,000.00. At the closing,
I purchased a rental house for $250,000.00. I put down $50,000.00 cash and took out a mortgage for the balance of $200,000.00. At the closing, I paid $4,000.00 in points, $3,500.00 for transfer taxes and legal fees, and $8,500.00 for delinquent property taxes left unpaid by the seller. What is my basis in the rental house?
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