What is her basis for the house

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Reference no: EM131268007

In 2001, Ellen purchased a house for $60,000 to use as her personal residence. She paid $12,000 and borrowed $48,000 from the local savings and loan company. In 2005, she paid $15,000 to add a room to the house. In 2007, she paid $625 to have the house painted and $1,800 for built-in bookshelves. As of January 1 of the current year, she has reduced the $48,000 mortgage to $44,300. What is her basis for the house?

Reference no: EM131268007

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