What is the Fair Market Value of Your Rental (Including land)?

Forum|Forum|6 years ago
June 5, 2019
1 reply
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Is this the same as the rent I charge the tenant? Do I enter it as a monthly figure or for all the rent I received in 2016?

TurboTax Premier Online

PaulaM

Employee

No, this question is referring to the value of your rental unit, not the rent.

This is usually the purchase price plus any improvements you made that substantially increased its value from the time your purchased the home and the date you placed it in service as a rental.

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gene20

If the rental property's estimates value (from Redfins, Zillow) has changed since the purchase data, would it affect the FMV?

Critter-3

You use the LESSER of the FVM at the date the property was placed in service OR the current market value ... I highly doubt the current value is less in these market conditions so it would be a non event.