i bought the house in 2004 for residence at 210K, conversion rental house in 2013 and the fair market value(FMV) is 130k. and sold it at 300K in 2023. which number ( 210K or 13I 0K) for the cost basis to calculate the depreciation?
I use TT "Sale of Home (gain or loss)” to fill in the cost number and show me :
"Property converted to business use from personal use
If you used the item for personal purposes before you started using it in your business, the cost is the lesser of:
- The item's fair market value, or
- Your basis in the asset (how much you've paid for it, including whatever you spent to acquire it) at the time you started using it for business."
