I'm completing the 'Assets' section for my rental property, specifically, the "New rental property" section.
The software is guiding me through calculating the cost of my property, and there is a section of this process around "Land and improvement values from your property tax bill."
While I have access to the property tax bill for my building (publicly available on the NYC DOF website), I'm unsure if this information is actually what's relevant for my property because I own a co-op apartment, not the building itself. I own shares that entitle me to a portion of the building.
When I enter the land and improvement values, I'm told it's to calculate the final cost basis of my property. If I own 1/8th of the shares of the building, do I divide the Land value and Improvement value by 8?
This is similar to what is being described here by @diegorinconv01 in I rent my NYC co-op apartment and would like advice as to how to enter maintenance fees, real estate...
