Question
Nick bought his residence for $175,000 in the summer of 2015. At closing, he also paid $500 for title insurance and $215 to record the
Nick bought his residence for $175,000 in the summer of 2015. At closing, he also paid $500 for title insurance and $215 to record the deed. In the spring of 2017, Nick paid $1,625 to remodel the master bath. In the late summer of 2017, he spent $150 for supplies to paint the first floor rooms. In the fall of 2017, Nick replaced the furnace with a qualified energy-efficient one. He spent $1,500 for the new furnace and claimed a $450 credit for it on his 2017 tax return. What is Nick's adjusted basis in the house?
$177,890
$178,125
$178,390
$179,440
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
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