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Investors & landlords
@bchenoweth wrote:It is my understanding from what I am reading online that FMV should only be used when claiming a loss on the property.
Per Treas. Reg. §1.165-9(b)(2), you would use the lesser of the fair market value on the date of conversion or the adjusted basis on the date of conversion for the purposes of determining a loss.
September 17, 2020
6:43 AM