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Zack purchased a rental house for 250,000. He put down 50,000 cash and took out a mortgage for the balance of 200,000. At closing, he
Zack purchased a rental house for 250,000. He put down 50,000 cash and took out a mortgage for the balance of 200,000. At closing, he paid 4,000 in points, 3,500 for transfer taxes and legal fees, and 8,500 for delinquent property taxes left unpaid by the seller. What is Zack's basis in the rental house?
250,000;
257,500;
262,000;
266,000.
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