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February 14, 2025
Question

I'm entering the fair market value for a rental property. Is this the FMV when the property was purchased or when it started being used as a rental?

  • February 14, 2025
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    1 reply

    M-MTax
    February 14, 2025

    For the purposes of your basis for depreciation, you would use the lesser of the FMV on the date of conversion or your adjusted basis (typically your purchase price plus the cost of any improvements).