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trisha owns a house that she has been living in for eight years. she purchased the house for $290,000 and the fmv today is $245,000.
trisha owns a house that she has been living in for eight years. she purchased the house for $290,000 and the fmv today is $245,000. 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 %10 allocated to land. A)What is the basis for the house for depreciation? B)If she claims depreciation of $22,050 and sells the property six years later for $310,000 (10% allocated to land). Determine the gain on the sale of the buildind and gain on the sale of the land. C)How much of the gain is due to depreciation? D)If the FMV is $325,000 when she converts the house to rental property instead of $245,000, what is the basis of the house for depreciation
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