Should I enter the appraised value or assessed value for the cost of land of which I purchased a house on?

[MaryK4]

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.

[Carl]

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?

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.

So what is your specific and explicit situation?

[mosslev9]

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?  Assessed value is way too low, and I think only used to assess property tax.. Do I have that right? Thanks again