Kip purchased a rental house for $250,000 which included the land portion of $50,000. At...
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Kip purchased a rental house for $250,000 which included the land portion of $50,000. At closing, he paid $3,500 for legal fees and $4,000 in title fees. What is the amount of basis of the house for depreciation purposes? 1. $200,000 2. $206,000 3. $207,500 4. $257,500
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