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Posted on Jul 30, 2024

In 2 0 2 0 , Jos purchased a house for $ 3 2 5 , 0 0 0 ( $ 3 0 0 ,

2020,

Jos

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

2023,

when the fair market value of the house was $

400, 000,

he converted the house to rental property.

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