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Business, 26.12.2019 03:31 Dreynolds1667

Tpaid $160,000 to have a home built on a lot he purchased for $25,000. additionally, he made permanent improvements to the house of $20,000 and claimed a $ 2,000 casualty loss deduction for damage to the house before changing the property to rental use last year. at the time the house was put into service, the property had a fmv of $180,000 with $15,000 allocated to the land. what is the basis in the property for calculating the depreciation on the rental property?

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Tpaid $160,000 to have a home built on a lot he purchased for $25,000. additionally, he made permane...
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