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Several years ago, nia paid $160,000 to have her home built on a lot that cost her $10,000. before changing the property to rental use last year, she paid $20,000 for permanent improvements to the house and claimed a $2,000 casualty loss deduction for damage to the house. on the date of change in use, her property has a fmv of $180,000, of which $30,000 is for the land and $150,000 is for the house. her depreciable basis for the house is
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Several years ago, nia paid $160,000 to have her home built on a lot that cost her $10,000. before c...
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