In 2017 we rented out our principal residence (change in use). We used FMV as the cost of the building (used appraisal). How about FMV for land of the rental? estimate?
In 2017 we rented out our principal residence (change in use). We used FMV as the cost of the building (used appraisal). How about FMV for land of the rental? estimate?
I cannot find any information regarding the split between building and land. The sale agreement and tax assessment doesn't provide this information. The townhouse is a condominium unit. It has a small backyard. Should I estimate the value of the land as a 20% of the overall FMV of the appraised building?
In 2017 we rented out our principal residence (change in use). We used FMV as the cost of the building (used appraisal). How about FMV for land of the rental? estimate?
If it is a condominium unit, you do not own the land. Maybe that's where the confusion arose.
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