Question

1) Jack purchased a new house 3 years ago. The purchase price were the following:

Purchase price $280,000, Title fees $700, Recording Fees $300 , Survey Fee $1,000, Appraisal Fees $250, Escrow fees $500

Additional renovations $27,000, His home office expenses $3,000

What is Jacks adjusted basis in the house?

Answer 1

Given Information follows below

Particular	Amount in dollars
Purchase price	$280,000
Title fees	$700
Recording Fees	$300
Survey Fee	$1,000
Appraisal Fees	$500
Escrow fees	$27,000
Total amount	$309,500

Jacks adjusted basis in the house

$280,000 + $700 + $300 + $1,000 + $500 + $27,000 =$309,500

Note

Dont add home office expenses $3,000 in above table. Because it is seperate from tax purpose.

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