Cost Basis For Taxes
How do I figure out the Cost Basis for Taxes for a rental property. I called up my town, and they said, on the assesed value of my house, which is $100,000, the land is worth $40,000, and the house is worth $60,000. I purchased the house for $200,000.
Do I use 40% of the $200,000 for the land basis, and 60% of the $200,000 for the hause basis?
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