ToddL99
Expert Alumni

Deductions & credits

Check with the local Tax Assessor's office for a breakdown of the value of your mother's former house (land vs improvements) .

 

They may only be able to provide a typical ratio of the value of land/improvements, but that will allow you to come up with a  value for the land and the improvements (the house).

 

This screenshot from the IRS  Depreciation Frequently Asked Questions  gives an example on how this formula works: