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Define Beginning Basis in Real Estate

Beginning Basis: 

"Beginning Basis" is a term in real estate that means the starting value of a property when you first get it. This can include the purchase price and any extra costs you had to pay, like closing costs or fixing things in the house.

Example: 

For example, if you bought a house for $200,000 and paid $5,000 in closing costs, your beginning basis would be $205,000. This is the starting value you'll use to calculate your profit or loss when you sell the property later.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

When you buy a home, it's true,
A Beginning Basis starts for you.
Add the price and costs, oh my,
To find the value, you must try.

A house bought for two hundred grand,
Plus five thousand, understand?
The Beginning Basis we now see,
Is two hundred five thousand, just for thee!