To clarify,
was the home purchased for 330,534 as a rental or was it first a personal residence? Did the value drop from purchase to the time it was available for rent?
What is the value of the land?
Is the land much more valuable than the improvements? For example, a mobile home on a lakefront lot?
Additionally, if prior rental property is inherited, the basis is stepped-up and there is no depreciation recapture required for the depreciation allowed or allowable before the transfer of ownership due to inheritance.
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