owns a house that she has been living in for eight years. She purchased the house for and the FMV today is She is moving into her friend's house and has decided to convert her residence to rental property. Assume of the property's value is allocated to land. Read the requirementsLOADING.... Question content area bottom Part 1 Requirement a. What is the basis of the house for depreciation? The basis of the house for depreciation is $220,500 . Part 2 Requirement b. If she claims depreciation of and sells the property six years later for ( allocated to land), determine the gain on the sale of the building and gain on the sale of the land. First select the formula labels and then calculate the realized gain or loss. (Use a parentheses or a minus sign to show a loss.) House Land Less: Realized gain (loss)