Question: In 2 0 2 4 , James decided to convert his personal home to rental use. His personal residence had an adjusted basis of $

In 2024, James decided to convert his personal home to rental use. His personal residence had an adjusted basis of$570,000 and a fair market value of $495,000 at the time of the conversion. James will use $570,000 for purposes ofcalculating the deduction for depreciation.

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