Hi, I own an old small co-op, built in the late 1940's.
I'd appreciate assistance with understanding and determining depreciation.
I purchased my apt. in 2008 and started renting Spring 2024.
I listed the apartment in Fall 2023.
I started living elsewhere, leaving the apartment minimally staged, effectively moving out end of Dec. 2023.
I "stayed" in the apartment, on random days in 2024, to make sure the apartment was in good showing condition, totaling approximately 2 weeks.
Tenant move-in and rental income started May.
Although I actually found 2008 closing documents...I can't find 2008 land valuation nor do I know it now.
I did read "co-op" IRS info, which sounded overly technical for this property.
Also, the 1098 cover letter shows per share amounts for
balances for debt at beginning and end of year, amortization of principal contribution for capital assessments
I know my # of shares and wonder if they also include allocation of common land space.
My 1098 reports RE Tax and Underlying Mtge interest for mortgage of common land space, along with Mortgage Origination date. Most past years 1098 info is lacking and inconsistent with data reported.
No major upgrades or appreciation made to apartment, other than relatively inexpensive appliances, lighting.
Additionally, neighborhood apartments have increased more dramatically than similar ones in our complex (unknown why).
Please help me figure out how deep, and possibly where I must dive/who I might ask to determine my basis and depreciation, for my first year of renting.
I also wasn't clear on days lived vs random days stayed in apt., necessary for checking on the apt.
All help appreciated.
Thank you.
