Regarding land portion - I had used the land value from the rental’s 2018 property tax bill as the portion not to depreciate. Is that correct?
The sale closing is Oct and 2 things happened in Aug while we are still renting the unit out till end of Sep:
a. The AC just broke and we replaced it for $4,500. Building permit application $100
b. We just got the water heater certified for $1500 (it was installed by my husband back in 2019 & we only reported cost of buying the w.h. for depreciation in 2019). Building permit application $100
what is the best way to report the AC and the water heater cost above for tax year 2022. Thanks.
