What is her basis for the house

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Reference no: EM131265317

In 2001. Ellen purchased a house for $60,000 to use as her personal residence She paid $12,000 and borrowed $48,000 from the local savings and loan company In 2005 she paid $10,000 to add a room to the house In 2007 she pad $625 to have the house painted and $800 for built-In bookshelves As of January 1 of the current year, she has reduced the $48,000 mortgage to $26, 300 What is her basis for the house?

Her basis for the house is$_________.

Reference no: EM131265317

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