The values you need to consider are these:
- the cost of the home/land when purchased in 1998, which would be the same as the basis when it was first used for business in 2021
- the FMV of the home/land when it was first used for business in 2021
Typically, unless you have made improvements that add to the basis of the property, then the basis when it was first used for business would be the same as the cost when it was purchased.
Whichever of these values is lower as of the date the property was first used for business is what you use on lines 37 and 38.
@carriskoul
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