Solved: To calculate the asset vs land price do I use the % asset vs land from when we purchased in 2007 as main home, converted to a rental in 2012 or sold in 2017?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

To calculate the asset vs land price do I use the % asset vs land from when we purchased in 2007 as main home, converted to a rental in 2012 or sold in 2017?

When trying to report sales information for a rental house do we calculate the house vs land value from when we originally bought and used as our main home, when we converted to a rental or when we sold in 2017?
1 Best answer

Accepted Solutions
New Member

To calculate the asset vs land price do I use the % asset vs land from when we purchased in 2007 as main home, converted to a rental in 2012 or sold in 2017?

You use the percentages you used when converting the house to a rental because those would correspond to the values you depreciated for the house, and did not depreciate for the land.

View solution in original post

1 Reply
New Member

To calculate the asset vs land price do I use the % asset vs land from when we purchased in 2007 as main home, converted to a rental in 2012 or sold in 2017?

You use the percentages you used when converting the house to a rental because those would correspond to the values you depreciated for the house, and did not depreciate for the land.

View solution in original post

Dynamic Ads
v
Privacy Settings