turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Anita01
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
Anita01
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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies