What are the tax consequences of converting a rental into a personal residence?
A) There are no consequences.
B) You may continue to deduct repairs but cannot continue to deduct depreciation.
C) If you sell the house, you must subtract accrued depreciation in calculating your gain.
D) You cannot deduct repairs but can continue deducting depreciation.
Correct Answer:
Verified
Q4: The federal income tax code is very
Q5: Finding legal ways to lower your tax
Q6: The current cap on capital gains is:
A)
Q7: Closing costs that may be tax deductible
Q8: Depreciation is:
A) the amount of value lost
Q10: In a like-kind exchange, the taxpayer:
A) avoids
Q11: A special advantage of the low-income housing
Q12: To qualify for the low-income housing tax
Q13: For tax purposes, 'boot' refers to:
A) taking
Q14: Start-up costs for a business:
A) may be
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