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URL:  http://boards.fool.com/you-would-only-use-the-fmv-as-your-taxable-basis-11857477.aspx

Subject:  Re: Rental Property Date:  1/23/2000  3:53 PM
Author:  Taxslave Number:  25817 of 121592

You would only use the FMV as your taxable basis in this situation where the FMV was LESS THAN your adjusted cost basis.

As a side note, it is very important that you closely track your depreciation deductions as this will affect your basis and the recognition of income at the time you sell your house.
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