I purchased the townhouse I previously rented, but I purchased the entire 2 unit townhouse. I Now rent one half and live in the other as a resident landlord. Would the fair market value be based on the purchase price? Or would it be as listed on my Property Tax bill as the Fair Cash Value? Obviously the price I paid as the fair market value is higher than that as listed by the taxing district for the fair cash value. I opened a help session earlier with a Turbo Tax consultant and she had stated I would, and I believe this is right, enter the FMV as 50%. So my question specifically would be, is my FMV 50% of the price I paid, or would it be 50% of the fair cash value listed on my property tax?
