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Financial Planning / Tax Strategies
|Subject: Re: Rental Property||Date: 1/22/2000 3:40 PM|
|Author: mt2climb||Number: 25744 of 121771|
Good info, Taxslave, and thanks for the link to IRS Pubs. I am working on some of the same issues.
Pub 527 tells me to use the lesser of cost basis+improvements or FMV at the time I put my love-shack into rental service. Does an assessment notice from my county tax assessor count to fmv? I personally think I may have been able to get a better price at the time, but did not think to pay for an evaluation when I began renting a couple of rooms while I was out of the country.
Also, if I have part of the place (2 of 4 br's) rented out, is 50% of expenses about right? Renters had access to common areas: kitchen, garage, laundry, living room. Additionally, I was gone a good percentage of the time, but what I was charging per room would not have been fmv for the whole house.
Any thoughts on the matter greatly appreciated!
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