Thomas purchased a rental house for 250000 which included the land portion of 50,000. He made a cash deposit of 50000 a

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answerhappygod
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Thomas purchased a rental house for 250000 which included the land portion of 50,000. He made a cash deposit of 50000 a

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Thomas purchased a rental house for 250000 which included theland portion of 50,000. He made a cash deposit of 50000 andtook out a mortgage for the balalnce of 200,000. At closing,he paid 4,000 in loan origination fees, 3500 for legal fees. Assuming he rents it immediately, what is the amount of basis ofthe house for depreciation purposes?
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