How do I determine the Cost Basis on a 30 yer old house that I recently converted to a rental. What information do I need. I formerly used the house as my primary residence.
How do I determine the Cost Basis on a 30 yer old house that I recently converted to a rental. What information do I need. I formerly used the house as my primary residence.
the cost basis is what you originally paid for the house plus any improvements you made since then,
the age of the house is immaterial, when you bought the house is what is material.
How do I determine the Cost Basis on a 30 yer old house that I recently converted to a rental. What information do I need. I formerly used the house as my primary residence.
The Basis for depreciation is the LOWER of (1) the Adjusted Cost Basis [usually purchase price, plus cost of improvements, minus depreciation (if any)] and (2) the Fair Market Value when it was converted to business/rental property.
v
Privacy Settings
We provide you with a way to opt-out of advertising activities on our websites
We leverage outside service providers who assist us with our marketing and advertising activities. Note: by opting-out of this tracking, you may still see Intuit advertisements, but they may not be tailored to your interests.
Privacy Settings
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Sign In
