Property has 2 homes one lot

[s69as69]

We bought one tax parcel, it has 2 homes on it and only one of them was rented out in 2016.  Should I split the value of the asset (one purchase) into 2 separate assets?

[AnnetteB · Accepted solution]

Yes, just be sure to thoroughly document your method of splitting the value between the two properties if they are vastly different from one another. 

You would use the same method (percentage) for prorating the property tax if it is a single amount paid for the whole parcel.