Problem:
Ellen purchased a home in 2011 for $60,000. She paid $12,000 and borrowed $48,000. In 2012 she added a room to the house which cost $10,000. In 2013, she paid $625 to have the house painted and $800 for built-in bookshelves. As of January 1 of the current year, the mortgage balance is $43,000.
Required:
Question: What is Ellen's basis her home?
Note: Be sure to show how you arrived at your answer.