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Business, 24.03.2020 19:09 jonesm35

In 2016, José purchased a house for $325,000 ($300,000 relates to the house; $25,000 relates to the land). He used the house as his personal residence. In March 2019, when the fair market value of the house was $400,000, he converted the house to rental property. Complete the items below. If required, round your answers to the nearest dollar.

a. José's basis for cost recovery for the property is $.

b. Under MACRS, the cost recovery period for residential rental real estate is years, and it is subject to the convention.

c. The cost recovery for 2018 is $.

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