Jose purchased a house for $300,000 in 2013. He used the house as his personal residence. In

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Jose purchased a house for $300,000 in 2013. He used the house as his personal residence. In March 2016, when the fair market value of the house was $400,000, he converted the house to rental property. What is Jose's cost recovery for 2016?

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South Western Federal Taxation 2017 Comprehensive

ISBN: 9781305874169

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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Question Posted: Feb 27, 2017 03:28 AM

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Jose purchased a house for $300,000 in 2013. He used the house as his personal residence. In

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Joss basis for cost recovery is 300000 because the basis of the house at the date of the conversion from personal use to rental property 300000 is les...View the full answer

South Western Federal Taxation 2017 Comprehensive

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