Thank you Hackitoff,
You are correct, we didn't use the house for personal use as it was purchased with the intent to make it a rental property. Thanks for clearing up the FMV issue as it relates to depreciation. I do wonder however, about the land values reported by the county assessor. Our land value is about 40% of RMV as evidenced by the property statement for the year purchased. That seems excessive and also reduces the cost basis of the property...our loss!
