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What amount is the original basis of the rental property

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Reference no: EM132760318

Problem 1: Jacob purchased a rental property in 2019. The original price of the house was $158,000. Jacob paid real estate taxes of $1,500 on behalf of the seller, which was not reimbursed by the seller. Jacob also paid $3,000 title insurance fee, $5,000 loan assumption fee, and $800 homeowner insurance. What amount is the original basis of the rental property?

a) $167,500
b) $158,000
c) $163,300
d) $162,500

Reference no: EM132760318

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