Philip purchased a small apartment complex in 2021. He paid $375,000 for it; there was no specified value for the land in the contract. The most recent real estate assessment had the property valued at $350,000, of which $308,000 was for the building and $42,000 for the land. Assuming no other expenses, what is Philip's basis in the apartment building? $308,000 $330,000 $350,000 $375,000
Angela purchased a rental property on August 1, 2021, for $172,400. She hired an architect to draw up remodeling plans, and then spent 55 hours doing the actual demolition and construction herself. Which of the following expenses affect her adjusted basis?
Mortgage insurance premiums of $1,150, included at closing.
$275 in appraisal fees paid at closing and required by her lender.
The fair market value of remodeling labor done by Angela. [$35/hour x 55 hours = $1,925]
Fees charged by the architect, totaling $975.
Philip purchased a small apartment complex in 2021. He paid $375,000 for it; there was no specified value for the land in the contract. The most recent real estate assessment had the property valued at $350,000, of which $308,000 was for the building and $42,000 for the land.
Assuming no other expenses, what is Philip's basis in the apartment building?
$308,000
$330,000
$350,000
$375,000
please help me
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