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Determine what is a cost basis

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Reference no: EM133003810

A bought a house. In the purchase, A incurred the following:

cash down payment 30,000

first mortgage to the bank, 250,000

second mortgage to the seller, 50,000

points paid to the bank, 5,000

title insurance, 3,000

attorney's fees, 2,000.

Problem 1: What is A's cost basis?

Reference no: EM133003810

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