This is a very informative answer but I have a slightly different question and that is, how do I determine depreciable basis for a property I used as a full time residence and converted it to a rental property simultaneously transferring the deed to a one-person LLC (me). I purchased the property in 2018 for $500,000 and used it as my residence. In 2019, I converted it to a rental property and transferred it to an LLC. The FMV of the property at the time it became a rental unit was $480,000. The latest tax assessment values the land at $50,000. Is the "depreciable value" the purchase price of $500,000 (minus the land, $50,000) or the FMV in 2019 ($480,000 minus the land)? Or something different. HELP!!!
