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In 2014, Ben purchased a house for $295,000. After review of the citys appraisal, $20,000 was allocated to the land. He used the house as
In 2014, Ben purchased a house for $295,000. After review of the citys appraisal, $20,000 was allocated to the land. He used the house as his personal residence. On February 1st of this year, when the fair market value of the house was $330,000, he converted the house to rental property. What is Ben's depreciation deduction for the year? [Use the tables provided in class]
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