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Investors & landlords
A few other things to keep in mind for the future.
-The cost basis on the unit you live in is $300K. That's what "you" paid for that unit when you originally purchased it back in 2006.
-The cost basis on the other unit is $380K. That's what "you" paid for that unit when you originally purchased it in 2020.
These numbers will matter big time at some point in your future when one of three things happens in your life.
- You sell the property
- You convert your primary residence unit to a rental.
- You die.
So make sure you document all this stuff and file it with your Last Will & Testament. That way, should you die first, your heirs have the correct numbers to work with not only on your "final" tax return, but also for determining values and distribution of assets and other wealth/debt per the will, should the situation ever arise.