I started renting out my personal single family home last year, at the beginning of 2018. Turbotax is asking me to "Fill in the fair market value of your rental property on the date it was ready and available to rent." I take it this is referring to the market sale value of the property for calculating depreciation, not the monthly market rent.
How can I determine the historical fair market value in a way that is acceptable to the IRS? I don't have an appraisal from that time period. Can I use a historical market value estimate from Zillow or Redfin? They are quite different. Should I just take the lower one to be safe?
