I'm not going to be able to get to the county courthouse because it is 10 hours away. But on the 2021 tax information, the land is approximately 1/3 of value of both the market value and the assessed (taxable) value.
My question is: In deciding on the basis for depreciation, do I use the land value on the date of purchase in 1978 ( which I will figure as 1/3 of the purchase price) or the market value of the land on the date of Daddy's death, or the assess (taxable) value of the land on the date of Daddy's death.?
I know you said that this information must be correct at the beginning because it affects every tax return going forward. So I am trying to do what is right!! I do appreciate your answering these questions. You've all been a great help to me!!
