Cost Basis for Depreciation
Hi BP,
I'm preparing my taxes and am trying to determine the value of depreciation that I can write-off on my taxes. Where do I find the cost basis (value of structure) for my rental property? Is it on the county website or is it on a document somewhere from closing? Also, I have two capital expenditures that added value to the home, a $2800 driveway widening and a $3000 deck/pergola in the back yard. I began renting the unit out July 1, 2016.
Can anybody help walk me through this calculation?
Thank you,
Kurt Stein