In 2019, Jos purchased a house for $325,000 ($300,000 relates to the house; $25,000 relates to the
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In 2019, José 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 2022, when the fair market value of the house was $400,000, he converted the house to rental property. What is José’s cost recovery for 2022?
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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
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Related Book For 
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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