Grayson purchased his primary residence for $260,000 as part of the closing procedure. He paid $2900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey. In $1200 for title insurance, he also gave the real estate agent $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Is it $260,000 or $261,200 or 262,200? or $263,000.
Grayson purchased his primary residence for $260,000 as part of the closing procedure. He paid $2900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey. In $1200 for title insurance, he also gave the real estate agent $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Is it $260,000 or $261,200 or 262,200? or $263,000.
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 31P
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Grayson purchased his primary residence for $260,000 as part of the closing procedure. He paid $2900 in loan origination fees, $750 to a lawyer to review the purchase contract and other closing papers, $250 for a property survey. In $1200 for title insurance, he also gave the real estate agent $100 gift certificate in appreciation for her hard work. What is Grayson's basis in the residence? Is it
$260,000 or
$261,200 or
262,200? or
$263,000.
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