topic Land cost basis in Investors & landlords

Land cost basis

barrecca — Mon, 30 Mar 2020 19:29:50 GMT

Hello! I'm trying to prepare my rental income taxes. I purchased the home in 2009 and used it as my main home until I rented it all out on August 2019. Do I use the land cost basis amount from the time of purchase, or the current one on my tax form? Thanks!

Re: Land cost basis

MarilynG1 — Mon, 30 Mar 2020 19:59:23 GMT

Use the Land Cost Basis from your original purchase in 2009 when setting up your Rental Property in Property Profile.

If you don't have that info broken out from total sales price, use the % of Land/Improvements ratio shown on your current Tax Assesment to calculate Land Cost Basis in 2009.

Click this link for a helpful article on Rental Property.

Re: Land cost basis

barrecca — Mon, 30 Mar 2020 20:01:32 GMT

Thanks!

Re: Land cost basis

MarilynG1 — Mon, 30 Mar 2020 20:22:28 GMT

My pleasure!