I purchased a condo in 2011 at auction. The price I paid was $144,375. The Title Insurance report provided by Escrow show the County Tax Assessor value of the condo was $180,246 (structure= $137,682 and land= $49,564). One month after I purchased the condo, a very similar condo (same condo development, sqft, bedrooms and bathrooms) closed escrow for $198,000. TWO months before I purchased the condo, the condo I purchased was listed for sale at $184,000. Can I use either $180,246 or $198,000 or some average as the value of the condo for determining basis for rental depreciation? I started renting it in 2024.
