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Financial Planning / Tax Strategies


Subject:  Re: Loss on rental house Date:  11/25/2012  1:22 PM
Author:  vkg Number:  116969 of 127752

Is FMV only used when it is less than the purchase price and upgrades?

We are going to sell rental property in 2013. An EA prepared the return that setup the depreciation schedule. I need to review the tax returns, but I believe the purchase price minus value of the lot was used. At time of conversion to rental the FMV was greater than purchase price.
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