Rental property

[SHUBEE89]

client paid 160000 for princial resident then turned it into a rental property 6 years later but the value of the rental ws only 70,000 (used this as basis) now she sold the rental in 2019 for
150,000 since we depreciated the rental with 70,000 basis is there any way we can use the original price she paid whenit was a personal residence

[bo6810]

See Pub 551 for what basis to use when selling personal property converted to business/rental. Two methods...depends on if selling for a gain or loss.

[SHUBEE89]

my question is can i use the original 160,000 that she paid for property (residence) and not use the fmv at time of rental of 60,000 for her adusted basis in the property

[Rapid Robert]

my question is can i use the original 160,000 that she paid for property (residence) and not use the fmv at time of rental of 60,000 for her adusted basis in the property

Yes, your question was posted in #1. A good answer was provided in #2. Is there some part of "see Pub 551" that is not clear? If you have a question about what is written in Pub 551, why don't you follow up with that?