What is joses cost recovery for 2013
Jose purchased a house for $300,000 in 2010. He used the house as his personal residence. In March 2013, when the fair market value of the house was $400,000 he converted the house to rental property. What is Jose's cost recovery for 2013?
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On January 1, 2008 Jose Company purchased a building for $200,000 and a delivery truck for $20,000. The following expenses have been incurred during 2010.
Jose purchased a house for $300,000 in 2010. He used the house as his personal residence. In March 2013, when the fair market value of the house was $400,000 he converted the house to rental property.
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