Answer Happy

Question 56 of 75. Lola-Rose converted her personal residence to rental property in 2021. She purchased the property in 2011 for $300,000 (including acquisition expenses), of which $75,000 was allocable to the land. She made no improvements. On the date of conversion, an appraisal valued the property at $233,000; $58,250 was allocated to the land. Lola-Rose's basis for depreciation is $174,750 O $225,000 $233,000 $300,000