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Steve converted his home to rental property on August 8 when the house was worth $175,000 (land was worth $25,000). He paid $100,000 for the
Steve converted his home to rental property on August 8 when the house was worth $175,000 (land was worth $25,000). He paid $100,000 for the house and land in 1990 when the land was valued at $15,000. What is his basis for depreciation? Explain.
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