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arvind-doraiswamy
March 28, 2025
Question

Which year's numbers (buying year OR rental year) do I look at while filling in property tax info?

  • March 28, 2025
  • 1 reply
  • 0 views
I am trying to fill up the property tax info page. It asks me for land and improvement values. It also tells me to go the property tax page. I did this. There are rows-per-year on the tax page. Should I use the values from 2019 (when I bought the property) or 2024 (when I rented the property out for the first time)? Also I should look at the columns that say: - Taxable land value - Taxable IMPS value Correct? Thanks Arvind

    1 reply

    KrisD15
    KrisD15
    March 28, 2025

    The basis (value) is the lesser amount, what you paid for it or the value when placed into service. 

    The 2019 value was probably less than the 2024 value, so you probably will use your 2019 cost. 

     

    If you use your 2029 cost, it would be what you paid. 

    If you use the 2024 value, it would be what is listed on the tax bill. If that is the case, yes, the taxable value.

     

    Use whichever is less.

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