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Deductions & credits
It may be easier to do it manually. Every year but the first and last, the basis is multiplied by 3.636%. The last year, take that figure and divide by 12 and multiply by 5. Do the same for the first year, depending on what month it was placed in service.
This will get you pretty close. The basis for converted property should have been the lower of FMV or adjusted basis on the date of the conversion.
This will get you pretty close. The basis for converted property should have been the lower of FMV or adjusted basis on the date of the conversion.
‎June 6, 2019
12:03 PM