Rebecca Gomez purchased her townhouse for $270,000 (ignore land). After living in the townhouse for ten years,
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Question:
Rebecca Gomez purchased her townhouse for $270,000 (ignore land). After living in the townhouse for ten years, she converted it to rental property. At the date of conversion, the fair market value of the townhouse is $240,000.
Calculate her basis for loss for the rental property.
Calculate her basis for depreciation for the rental property.
Calculate her basis for gain for the rental property.
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