Asset/New Rental Property - How to Populate Land & Improvement Values for Coop Apartment
I'm completing the 'Assets' section for my rental property, specifically, the "New rental property" section.
The software is guiding me through calculating the cost of my property, and there is a section of this process around "Land and improvement values from your property tax bill."
While I have access to the property tax bill for my building (publicly available on the NYC DOF website), I'm unsure if this information is actually what's relevant for my property because I own a co-op apartment, not the building itself. I own shares that entitle me to a portion of the building.
When I enter the land and improvement values, I'm told it's to calculate the final cost basis of my property. If I own 1/8th of the shares of the building, do I divide the Land value and Improvement value by 8?
This is similar to what is being described here by @diegorinconv01 in "I rent my NYC co-op apartment and would like advice as to how to enter maintenance fees, real estate taxes and depreciation costs."
