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Your basis will be made up of two parts since you purchased half at one price and the other half at a second.
When you covert a personal property to rental use, you take the lower of your adjusted basis or FMV at the date of conversion.
Your basis will be made up of two parts since you purchased half at one price and the other half at a second.
When you covert a personal property to rental use, you take the lower of your adjusted basis or FMV at the date of conversion.
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