https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/what-do-i-specify-for-the-cost-cost-of-land-and-date-purchased-for-my-rental-it-used-to-be-my/01/3507448#M119655 I can get the Cost of Land my looking at the tax assessments for last year. What about Cost and Date purchased? Should the date be when I originally purchased it many years ago? What cost should I specify? Thank you! Tue, 03 Feb 2026 08:51:53 GMT snooky911 2026-02-03T08:51:53Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/what-do-i-specify-for-the-cost-cost-of-land-and-date-purchased-for-my-rental-it-used-to-be-my/01/3507448#M119655 I can get the Cost of Land my looking at the tax assessments for last year. What about Cost and Date purchased? Should the date be when I originally purchased it many years ago? What cost should I specify? Thank you! Tue, 03 Feb 2026 08:51:53 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/what-do-i-specify-for-the-cost-cost-of-land-and-date-purchased-for-my-rental-it-used-to-be-my/01/3507448#M119655 snooky911 2026-02-03T08:51:53Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-what-do-i-specify-for-the-cost-cost-of-land-and-date-purchased-for-my-rental-it-used-to-be/01/3508595#M119692 <P>The date of purchase would be the date you purchased as your primary home.&nbsp;</P> <P>Date the rental was put into service would be the date it was available to rent.</P> <P>Value of land would be the value when it was purchased unless it decreased in value.&nbsp;</P> <P>Cost for the building would also be the original price you paid unless the value decreased.</P> <P>&nbsp;</P> <P>A rental is depreciated over 27.5 years. Depreciation is computed on the value/basis/cost.&nbsp;</P> <P>&nbsp;</P> <P>When a personal residence is converted to a rental, depreciation starts the day it is available to be rented, however the value/basis/cost is the lower of the Fair Market Value on the day it is available to rent or the amount originally paid.&nbsp;</P> <P>Usually, the amount originally paid is less, so that is what the depreciation should be based on.</P> <P>&nbsp;</P> <P>The price you paid should not be difficult to get.</P> <P>The value of the land can be determined by looking at a tax bill/assessment for the year purchased. If that is impossible, figure the average percentage of land to building value and use that ratio.&nbsp;</P> <P>Land does not get depreciated.&nbsp;</P> <P>&nbsp;</P> Sun, 23 Feb 2025 14:53:36 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-what-do-i-specify-for-the-cost-cost-of-land-and-date-purchased-for-my-rental-it-used-to-be/01/3508595#M119692 KrisD15 2025-02-23T14:53:36Z