I have a property I converted to a rental from personal use. How do I assess how much I paid for it at the time I started using it for business? Where do I find the FMV?

[jkabbott]

I bought a house in 2017, lived in it, then rented it out for part of 2018. How do I calculate the Cost (how much you've paid for it, including whatever you spent to acquire it at the time you started using it for business)? Where would I find the Fair Market Value in case this is the lessor of the two?

[Coleen3 · Accepted solution]

YOu can look on your closing statement for purchase price and closing costs. For FMV, you might try sites like Zillow or comps from a realtor. It would be what you could sell it for at that time.

What is Market Value (FMV)?

Fair Market Value is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction.