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How to Determine Tax Basis on Real Estate

how to determine tax home

by Solomon Poretsky

A property's tax basis is typically its total cost.

Combine a property's purchase price with all of the closing costs. For example, if you bought your house for $210,000, but you also paid an additional $4,750 in closing costs, you would calculate the cost basis based on your total purchase price of $214,750.

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