In 2015, Jose purchased a house for $325,000 ($300,000 relates to the house; $25,000 relates to the
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In 2015, Jose purchased a house for $325,000 ($300,000 relates to the house; $25,000 relates to the land). He used the house as his personal residence. In March 2018, 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 2018?
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Joss basis for cost recovery is 300000 because the basis of the house at the date of the conversion ...View the full answer
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Related Book For 
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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