Question 15 of 30. Trey converted his personal residence to rental property in 2018. He purchased the property in 2013 for $100,000, of which $15,000 was allocable to the land. On the date of conversion, an appraisal valued the property at $150,000; $22,500 was allocated to the land. Trey's basis for depreciation is: $85,000 $100,000 $127.500 $150,000