Les purchased a property for $200,000 and also paid stamp duty of $2,500 and land broker fees of $1,000 and title transfer fees of $200. The seller paid $4,000 in agent commissions to the real estate agent. What is Les's cost base in this property?

Question

Quizplus · Accepted Answer

Les's cost base includes the purchase price and any additional costs incurred to acquire the property, such as stamp duty, land broker fees, and title transfer fees. Therefore, the cost base is $200,000 + $2,500 + $1,000 + $200 = $203,700. The seller's agent commission is not included in Les's cost base.

Les Purchased a Property for $200,000 and Also Paid Stamp