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Problem 8-30(LO.1,2) In 2021, Jos purchased a house for $325,000( $300,000 relates to...

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Accounting

Problem 8-30(LO.1,2)
In 2021, Jos 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 2024, when the fair market value of the house was $400,000, he converted the house to rental property.
If required, round your answers to the nearest dollar.
Click here to access depreciation tables in the textbook.
a. Jos'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 2024 is $
x
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If personal-use assets are converted to business (or income-producing) use, the basis for cost recovery and for loss must be determined at the
time the property is converted.
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