Janet purchased her personal residence in 2001 for 25000000

Reference no: EM13481150

Janet purchased her personal residence in 2001 for $250,000.00. In January 2010 she converted it to rental property. The fair market value at the time of conversion was $210,000.00.

A) Determine the amount of cost recovery that can be taken in 2010:

B) Determine the amount of cost recovery that could be taken in 2010 if the fair market value of the property were $350.000.00:

Reference no: EM13481150

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