The Thompson family has purchased a home for $74,500, making improvements of $5,000 for a fireplace, $1,500 for a new driveway,
and $800 for painting. What is the adjusted basis of their home?(A) $76,000(B) $81,000(C) $81,800(D) $82,000
1 answer:
Answer:
Option B. $81,000
Step-by-step explanation:
The Thompson family has purchased a home for $74,500, making improvements of
Fireplace = $5,000
a new driveway = $1,500
Painting = $800
The paining is not considered a capital expense so ignore that part of the equation and add the following.
The adjusted basis of their home = 74,500 + 5,000 + 1,500
= $81,000
Option B. is the answer.
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