Some ppl say that for land value and improvement value, I should put the numbers from the property tax bill of the year that I purchased the house (2011). Turbo tax seems to indicate putting the numbers from the latest property tax bill. Which one should I use please?
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You can determine the land value by using the latest tax bill for both buildings and land, then take the land value and divide it by total value. This percentage should then be multiplied by the total cost of the property to give the land value result that should be used on your tax return. The difference will be the cost of the building.
Please add another comment if you have another question.
You can determine the land value by using the latest tax bill for both buildings and land, then take the land value and divide it by total value. This percentage should then be multiplied by the total cost of the property to give the land value result that should be used on your tax return. The difference will be the cost of the building.
Please add another comment if you have another question.
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