No. Once you decide the value of the land it will not change, it will remain the same cost basis throughout the rental period. The cost of the home and land will be entered as an asset, then only the land the in field asking for the price of the land.
- Land assessed value divided by the combined total of land and home = percentage of total cost that applies to the land.
- Home assessed value divided by the combined total of land and home = percentage of total cost that applies to the home.
The date placed in service will be used to calculate the depreciation for each year or part of a year.
No, the appliances expensed in 2024 will not affect your 2025 tax return.
@noviceattax
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