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Joe purchased his home new in 2012 for $350,000 and now wants to convert it to a full time rental property. He still has a
Joe purchased his home new in 2012 for $350,000 and now wants to convert it to a full time rental property. He still has a mortgage of $25,000 on the home. An appraisal shows the home is now worth $720,000. What is his adjusted basis for depreciation at the time of conversion? O $695,000 $350,000 O $720,000 O $325,000
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