Question: Which of these can decrease a taxpayer's basis in their property? The amount of cancelled debt excluded from income. Assessments for local improvements. Casualty restoration

Which of these can decrease a taxpayer's basis in their property?

The amount of cancelled debt excluded from income.

Assessments for local improvements.

Casualty restoration beyond bringing the property to pre-casualty condition.

Decline in the fair market value (FMV) of unsold property.

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