Is FMV only used when it is less than the purchase price and upgrades? Yes, and only when a personal-use property is being converted to rental. It stands to reason since losses on the sale of personal-use property aren't deductible, but losses on purely rental property are. Otherwise one could briefly convert to rental then sell and realize a tax loss largely incurred while it was a personal residence.PhilRule Your Retirement Home Fool
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<