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Investors & landlords
Cost basis is the *LOWER* amount of:
1) What you paid for the property when you originally purchased it, plus the cost of any improvements you made *at* *any* *time* during your ownership, or;
2) The FMV of the property on the date you converted it to a rental.
It is not common for the FMV of the property to be the lesser amount.
‎February 23, 2024
6:39 AM
6,305 Views