Michell converted

Michelle Converted her personal residence to rental Property

Question 14 of 75 Michelle converted her personal residence to rental property in 2018. She purchased the property in 2014 for $110,000, of which $10,000 was allocable to the land. Unfortunately, property values in her neighborhood have declined over the past few years. On the date of conversion, the fair market value of the property was $98,000; $10,000 was allocated to the land. Michelle's basis for depreciation in the property is: 1 $88,000 $98,000 $100,000 $110,000 Mark for follow up