Do I have to report value of land (on which I constructed single-family house) in the year it was converted into rental property, or is it ok to add land when selling it?
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Do I have to report value of land (on which I constructed single-family house) in the year it was converted into rental property, or is it ok to add land when selling it?
Do I have to report value of land (on which I constructed single-family house) in the year it was converted into rental property, or is it ok to add land when selling it?
You need to enter the value of the land. It is possible for the land portion to appreciate while the structure does not. Also, the building depreciates, the land does not.
(See the attached screenshot below. Click to enlarge.)
Do I have to report value of land (on which I constructed single-family house) in the year it was converted into rental property, or is it ok to add land when selling it?
You need to enter the value of the land. It is possible for the land portion to appreciate while the structure does not. Also, the building depreciates, the land does not.
(See the attached screenshot below. Click to enlarge.)
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