Discussion Archives:Depreciable basis of converted property

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Discussion Forum Index --> Advanced Tax Questions --> Depreciable basis of converted property

Discussion Forum Index --> Tax Questions --> Depreciable basis of converted property

Taximan39 (talk|edits) said:

4 February 2009
My client and a friend built a log home for personal use in a resort region. A couple of years after completion they decided to convert it to a crafters retreat, renting it out for short periods to quilters, scrap bookers, stampers, etc. Most furnishings for the home were purchased within 2 years before the conversion and receipts are available for most purchases. Is there any method or formula to determine FMV for the assets converted to business use?
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