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basis for depreciation will be the lesser of fair market value or adjusted basis on the date of conversion

Lesser of (FMV, adjusted basis).   FMV is an estimated market price. adjusted basis is your original home purchase cost + subsequent home improvement cost. 

Date of conversion:  The date you put the house into service, e.g. ready to rent.  If you made some home improvement after you moved out of the house, the home improvement period is BEFORE the date of conversion. 

Usually I just use the county tax record for residential structure

 

所有跟帖： 

• thank you but you probably did not see my exact question in the -littlenerd- ♀ (0 bytes) () 03/29/2018 postreply 06:41:11

• basis does not include tax, what a strange question. -柠檬椰子汁- ♂ (637 bytes) () 03/29/2018 postreply 07:36:57

• no stupid questions, right? -littlenerd- ♀ (693 bytes) () 03/30/2018 postreply 12:31:44