Hi All,
I purchased my home in 2019 however put it as a rental only in 2021. From 2019 county records, land is 86% of the total value of the property which is not realistic. I do have a home appraisal report from 2019 as part of the original purchase, which allocates land to be about 60% of the total value. Am I OK to use the appraisal report as my cost basis? Does this have any reasonable standing in case of an IRS query (as to why I am not using county's numbers)?
Here are the numbers from Appraisal report, in case it helps to do a deep dive - https://prnt.sc/5UtpzLTG66JW
Thanks!
