What is the cost basis of this rental real estate?

10-24-2005, 09:22 PM

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Join Date: Oct 2005

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What is the cost basis of this rental real estate?

What is the name of your state? OHIO

I'm doing my tax return and I have a contract sales price of $15,100.00 and a renovator escrow amount of $16,950.00. Do I add both amounts together as the purchase price of the property? I plan to rehab and sell it. Would the answer be different if I kept it for rent. I consider myself real estate professional.

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