Thank you so much for your thorough response! This does all makes sense to me.
Because of what hat you said about the intricacies of filing taxes for the first time as a landlord, do you think it’s do-able on my own, assuming I have all my figures correctly categorized (I don’t yet but am working on it) Re: expense vs. depreciation, income, etc. etc. - will TT walk me through it? Or best to just hire someone? (I’ve always done my own; fairly simple with the one “wrinkle” being my MCC, which is almost up...)
I assume TT will walk me through the various lengths of depreciation, 27.5 yrs, 5 yrs, etc. I built the ADU in 2018/2019, & know the build costs including landscaping (not maintenance but the driveway/walkway that had to be installed, etc.). The one thing I wasn’t 100% sure of is “land cost” which I saw in another of your posts - I bought the home in 1992; do I use the land cost as of the purchase date? And where in the world do I get that (Or is it a standard % of total cost...). I know I can get property tax records which I believe show land value, but not back to 1992!
Thanks again for your help.
