Keith and Melissa are married filing jointly and purchased a home in New York on May 1, 2002 for $300,000. They lived in it until Melissa got a new job in Atlanta on July 1, 2012. They rented the house to a tenant from July 1, 2012 until they sold the house on December 31, 2016 for $700,000. They had depreciation of #32,188 during the time that they rented the house and paid tax on the rental income.

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Dear Keith and Melissa According to your records you purchased a home in New York on ... View the full answer