I’m curious about one thing though. If I bought the residential property for say 400k in 2015 and the CPA used 300k as the cost basis in 2021 when I started renting it, my guess is that he deduced the land value (100k) in calculating it.
Now when I sell it and I have to use the 300k as the starting cost basis - where do I factor in that land value to calculate my adjusted cost basis? Does that disappear because I started renting it in 2021 vs if I have never rented it?
