In 20012001?, EllaElla purchased a house for $ 80 comma 000$80,000 to use as her

Question

In

20012001?,

EllaElla

purchased a house for

$ 80 comma 000$80,000

to use as her personal residence. She paid

$ 16 comma 000$16,000

and borrowed

$ 64 comma 000$64,000

from the local savings and loan company. In

20052005

she paid

$ 10 comma 000$10,000

to add a room to the house. In

20072007

she paid

$ 650$650

to have the house painted and

$ 700$700

for? built-in bookshelves. As of January 1 of the current? year, she has reduced the

$ 64 comma 000$64,000

mortgage to

$ 57 comma 600$57,600.

What is her basis for the? house?

Explanation / Answer

ANSWER :-

Ella purchased a house for $80,000 to use as her personal residence and she paid $10,000 to add a room to the house. she Paid $700 for built-in bookshelves.

So Basis for her house is as follows :-

= $80,000 + $10,000 + $700

= $90,700

So, Ella Basis for the House is $90,700

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