Tag Archives: P

Everything I need to know, I learned from Noah’s Ark

ONE: Don’t miss the boat. TWO: Remember that we are all in the same boat! THREE: Plan ahead. It wasn’t raining when Noah built the Ark.

Converting to Rental

Today TaxMama® hears from Connie in the TaxQuips Forum with this question “What is the cost basis that should be used for property that had a HUD cost of $63,000 back in 1997 when the current owner acquired it? It was recently (2011) converted to a rental property. The 2011 value of the property is […]