Solved

Cost and Land Values

Forum|Forum|7 years ago
June 3, 2019
1 reply
0 views

I bough the condo in 2009 and lived there until 2016. Then I rented it out. In form 4562 for depreciation, the cost and the land value of the condo should be the values at the time it was bought or at the time when it was rented out? The values are different.

TurboTax Premier Windows

Best answer by MinhT1

The values used for land and improvements (the condominium itself) are your cost bases, i.e. the values at the time you bought the property.

MinhT1Answer

The values used for land and improvements (the condominium itself) are your cost bases, i.e. the values at the time you bought the property.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"