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How to report adjusted basis of rental property?
I purchased a townhouse at $370,000 in 2005 for personal living, then converted it to rental property in 2013. The property's assessment value is $240,000 (land $60,000, building $180,000) in 2013. Is it correct to use $180,000 as adjusted basis for the rental property?
‎June 3, 2019
11:25 AM