Taxes & basis for depreciation

Full disclosure, it’s a stupid question, but here goes:

How do I calculate the depreciable basis of my rental property for tax purposes? I bought the rental property at the end of last year, so this is all new to me.

Yes, I know I should be asking a tax person, but I’m my tax person. I’m doing my own taxes and I’m using TurboTax.

So…say I paid $1M for the property (land + house). How do I figure out the depreciable basis of the house (not land)? The “Notice of Property Value” from NY Dept of Finance shows a market value, an assessed value and a value that my tax is based upon. How do these fit into this, if at all.

Boy am I glad this is anonymous!!!

Many, many thanks.

By | 03/01/2007 10:38 PM