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I live in San Diego county. I am not sure if they do things differently but my tax bill always shows Land and Improvement values. And the land represents 72.2% of the total amount and the Improvements is 27.8%. Maybe my county just charges condos differently than single family homes to make more tax revenue.
If you are not certain of the fair market values of the land and the buildings, you can divide the cost between them based on their assessed values for real estate tax purposes. Example. You buy a house and land for $200,000. The purchase contract does not specify how much of the purchase price is for the house and how much is for the land.
$30,000 Land Value / $105,100 Total Value = 28.54424%. $137,889 Adjusted Basis x 28.54424% = $39,359 Land Value Based on Adjusted Basis. $137,889 Adjusted Basis - $39,359 Land Value = $98,530 Depreciation Start Value, which when multiplied by the August partial year percentage of 1.364% you get a depreciation amount of $1,344.
To find the land value , TurboTax seems to have simply multiplied my basis by the same ratio of land value to total value as found on the earlier screen - 75%. The problem is, this calculation seems to yield too high a value for the land when I purchased it in 2013.
I sold my rental property last year. It was bought in 2011 for $170,000, then rented out until mid 2018, sold in 2018 for $275,000. No improvement, the fair market value of the land was $30,000. Now I sold the property, what should be filled in for the following few items in TurboTax: Wages & Inc...
Vacant land may be difficult to value because so much is based on speculative future uses. Farmland is often quite easy, there will be reliable values for cost per acre of productive farmland. Other situations may be in between. The key point is to make a diligent good faith effort to establish a value.
I can't figure out the land value and improvement value of my property. I've got a copy of my tax bill, but they don't use the same terminology. My tax bill gives me a combined (land/building) limited property value and a full cash value and an assessment ratio. Am I able to use those to figure ou...
The instructions acknowledge that “assessed values” may not be reliable if improvements have been made but to still use the “assessed land value”. But for the “improvement value”, it says to “enter the value of the improvements based on your cost for that portion of the property, plus improvements you added after purchase”
I got stuck at the step of filling out real estate property depreciation info. It is a Colorado, Jefferson County property that I bought in 2010. I can not visit the county office to get records because I moved to another country. Tried the county's online assessor property record search. Not sure i...
You do not need to find the value of the land at the time of sale. You can use the same percentage of land value that you used when figuring the cost of the building for depreciation purposes. If 30% of the purchase price was for land, then 30% of the sale price can be for land. It should not affect the taxable gain.