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Deductions & credits
now I come across this information from turbo tax learn more link. I makes me think I need to use the lesser cost which is the purchase price rather than the fair market value which is more.
Personal use property converted to business use
The cost is the lesser of the item's fair market value or your basis for this property (how much you've paid for it, including whatever you spent to acquire it) at the time you started using it for business.
‎April 3, 2024
2:19 PM