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"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.
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!