I bought a rental property for more than it is appraised for but was within fair market value. What do I put as improvement value? Purchase price - land value? or what?
02462
2 Replies
Anonymous_
Level 15
Oct 17, 2022 9:28:31 PM
Your depreciable basis is the cost of the structure (i.e., what you paid for it).
Carl
Level 15
Oct 18, 2022 9:10:45 AM
Your cost basis for depreciation will be what you actually paid for it.