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Timothy converted his personal residence to rental property in 2020. He purchased the property in 2015 for $100,000 of which 15,000 was allocated to the
Timothy converted his personal residence to rental property in 2020. He purchased the property in 2015 for $100,000 of which 15,000 was allocated to the land.. On the date of conversion an appraisal valued the property at $150,000 $22,500 was allocated to the land Tims basis, for the depreciation is in
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