https://ttlc.intuit.com/community/tax-credits-deductions/discussion/should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchased-a/01/1345812#M140891 Sun, 22 Mar 2020 00:20:27 GMT mosslev9 2020-03-22T00:20:27Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchased-a/01/1345812#M140891 Sun, 22 Mar 2020 00:20:27 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchased-a/01/1345812#M140891 mosslev9 2020-03-22T00:20:27Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchase/01/1345854#M140893 <P>The appraised value is usually a more accurate reflection so that is the one to use- the most important thing is to be consistent and use the same when you sell.</P> Sun, 22 Mar 2020 00:35:08 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchase/01/1345854#M140893 MaryK4 2020-03-22T00:35:08Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchased-a/01/1345925#M140905 <P>Kinda hard to know if the response provided applies to your specific and explicit situation. Is this for a property you own and have converted it to a rental in 2019? Maybe it's a property you inherited in 2019 and sold?</P> <P>If you are converting your primary residence to a rental, you won't enter the same data from the same source as you would for property you inherited and sold. There's a third option too. If the property was gifted to you, then you won't use either the appraised value or assessed value.</P> <P>So what is your specific and explicit situation?</P> Sun, 22 Mar 2020 01:09:57 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchased-a/01/1345925#M140905 Carl 2020-03-22T01:09:57Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchased-a/01/1345947#M140907 <P>Thanks Carl. Let me elaborate a little more. I purchased a house in 2019 and live there as my primary residence, but also rent out the other bedrooms. It is a rental property with X% for business use. I was prompted for the Cost of Land on my Asset/depreciation worksheet. Since I was also asked for the amount paid for the house, and then followed up by the Cost of Land question, I think appraised / market value is really what I should be using, right?&nbsp; Assessed value is way too low, and I think only used to assess property tax.. Do I have that right? Thanks again&nbsp;</P> Sun, 22 Mar 2020 01:19:27 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-should-i-enter-the-appraised-value-or-assessed-value-for-the-cost-of-land-of-which-i-purchased-a/01/1345947#M140907 mosslev9 2020-03-22T01:19:27Z