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Just need help on C In 2016, Jos purchased a house for $203,200. He used the house as his personal residence. In December 2019, when
Just need help on C
In 2016, Jos purchased a house for $203,200. He used the house as his personal residence. In December 2019, when the fair market value of the house was $354,700, he converted the house to rental property. If required, round your answers to the nearest dollar.
a. Jos's basis for cost recovery for the property is $ 203,200 (Correct).
b. Under MACRS, the cost recovery period for residential rental real estate is 27.5 years, and it is subject to the mid-month convention.(Correct)
c. The cost recovery for 2019 is $______.
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