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

In $2020,$ 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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Question

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

In 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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Recommended Textbook for

Project Risk Analysis Techniques For Forecasting Funding Requirements Costs And Timescales

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In $2020,$ 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.