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?
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1 Best answer
Anita01
New Member
Jun 6, 2019 10:17:05 AM
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.
1 Replies
Anita01
New Member
Jun 6, 2019 10:17:05 AM
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.