Question on Basis of Rental property Hi Members,
I have a client who owned investment house and converted that house as rental in middle of 2012. At the time of conversion, FMV was less than Adjusted Basis by around 15 grand. So the basis of rental house for depreciation purpose would be FMV. However I do books also for the client. What happens to that remaining 15K in books?
Thanks in advance.
Sammie |