Wendy purchased a vacation home for $275,000 and paid $600 in legal fees. She also paid $5,500 in closing cost

Question

Wendy purchased a vacation home for $275,000 and paid $600 in legal fees. She also paid $5,500 in closing costs for a survey, title search, and recording fees, and gave her realtor a $200 gift card. What is Wendy's basis in the vacation home?
 $275,600
 $280,500
 $281,100
 $281,300

GPT-5 mini · Answer

$281,300

Explanation: Basis = purchase price $275,000 + legal fees $600 + closing costs $5,500 + realtor payment $200 = $281,300.

Wendy purchased a vacation home for $275,000 and paid $600 in legal fees. She also paid $5,500 in closing costs for a survey, title search, and recording fees, and gave her realtor a $200 gift card. What is Wendy's basis in the vacation home?
$275,600
$280,500
$281,100
$281,300

All Answers 1

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Wendy purchased a vacation home for $275,000 and paid $600 in legal fees. She also paid $5,500 in closing costs for a survey, title search, and recording fees, and gave her realtor a $200 gift card. What is Wendy's basis in the vacation home? $275,600 $280,500 $281,100 $281,300

All Answers 1

Submit Your Answer

Wendy purchased a vacation home for $275,000 and paid $600 in legal fees. She also paid $5,500 in closing costs for a survey, title search, and recording fees, and gave her realtor a $200 gift card. What is Wendy's basis in the vacation home?
$275,600
$280,500
$281,100
$281,300