Residence Turned Rental - How to calculate value for depreciation
My wife and I moved out of our condo in California which we bought in 2014. We're going to rent it out in the next few weeks. Does anyone have any advice or methods on how to calculate the improvements value for depreciation? We originally purchased the property for $319,000. About 9 months ago another unit in our condo sold for $430,000. The two units have identical layouts and square footage. The other unit is upstairs with a ~100 sq ft balcony, where our unit has ~400 sq ft patio making me assume we could sell our unit for a little more. If I were to put the condo on the market now, I would list for at least $450k-$475k. Current taxes value the property at $330,344 ($231,240 land/$99,104 improvement) which comes out to 70% land, 30% improvements. Should I just take 30% of $450,000 which equals $135,000 and use that for my depreciation basis?