The city or county have a current tax assessment for your rental property. There will be both a land and building value.
- Land: To arrive at the cost basis for each take the land assessed value and divide it by the combined total of land and building value. This equals the percentage of your cost basis that should be land value.
- Building: Likewise the building value will be divided by the combined total of land and building to arrive at the building percentage.
- When the percentages are added together they should equal 100%.
@espencerito1
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