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.
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?
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