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04-08-2017 11:15 AM
Converting a home to a rental property
We moved from our old home to a new one out of state. We converted the old home to a rental property on January 1, 2016.
What do we use as basis for the new rental (old home).
Should we use what we paid 17 years ago or the current valuation of the property.
04-08-2017 05:48 PM - edited 04-08-2017 05:49 PM
Without a professional appraisal, you must rely on other sources that may not be as precise. If your recent tax bill is based on a recent assessment it could be used. You may also research similar home sales in your area. You may want to review this thread.