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>sorry, someone already thought of this one. This won't work unless the property continues to depreciate and rapidly because the basis in rental property is the lesser of its cost or its FMV on date placed in service.>
Suppose my cost of my residence isa $100,000.00 and I turn it into a rental down the road and the FMV is $100,000.00 on date of renting.
What is my basis? $100,000.00 of course. But if it sells for only $85,000.00 you claim that I can not take the loss. Baloney.
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