I was living in a house that I bought 35 years ago for $135K. Fifteen years ago I bought out my spouse’s share of the home for $89K, which was paid directly to her during the refinance and then the house was place in a sole and separate property trust. Over the last 15 years may improvement have been made to the home. That same house would sell on the market today for around $500K. In November I decided to rent this house and move into a smaller place where I pay rent
My question is, how do I value the house for depreciation?
