Patty converted her principal residence to rental property, Ask an Expert

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Patty converted her principal residence to rental property two years ago when it was worth $70,000. Patty paid $85,000 for the house. What is Patty's basis in the house if after taking $10,000 of depreciation deductions she sells it for $66,000?

a. $60,000

b. $66,000

c. $70,000

d. $75,000

e. $85,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942794

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