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January 31, 2024
Question

Land and improvement values

  • January 31, 2024
  • 1 reply
  • 0 views

I get the cost of the land. Turbotax asks for an improvement value. On my Tax Bill, the following numbers appear:

 

- LAND VALUE = 46,900

- BUILDING VALUE = 318,100

TOTAL VALUE = 365,000

 

ASSESSED VALUE = 146,000

 

What do I put on the turbotax "IMPROVEMENT VALUE".

 

Is the assessed value the improvement value? Or is it the building value? Or neither?

1 reply

January 31, 2024

Fulton County:

 

Assessed value is 40% of the fair market value.

January 31, 2024

The improvement value is the value added to the land.  In this case the $318,100 attributed to the house.

 

@sergio2339 

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February 1, 2024

 

I am running into a wall. TurboTax is stating my cost basis is $374900.

 

based on my math, is the land is 46900 and the building 318100. The land is 12.85% and building 87.15%.

what I do next is take 374900 and only calculate the building portion (87.15) = 326725

 

however. Look at the attachments. The number is off. It’s showing $326715 rather than 326725