Drive By Appraisal for Indy Rental Needed for Tax Cost Basis

Tax, SDIRAs & Cost Segregation
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Drive By Appraisal for Indy Rental Needed for Tax Cost Basis

Robert Borer
Investor · Saline, MI · Member since 2016 · 46 posts · 10 votes

Indy, IN appraiser needed!   Need referral for appraiser who can do a drive-by or equivalent low-cost appraisal for simple establishing tax cost-basis.  Not needed for refi or bank standards.  Just an official number from a third party that i can use on my taxes.

Rental is in Indy, IN. 

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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · Sarasota, FL · Member since 2017 · 5k+ posts · 3k+ votes
    8y

    @Robert Borer, 

    You have to use the purchase price and other related cost as the tax basis. You cannot use the FMV.

    For eg. 

    You bought a house with cash for for 70k as discounted property.

    Your house is worth 120k ( determined by drive by or other appraisal method) 

    You have to use 70k as your basis. You can add all the done to the property to the basis as well. 

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  • Robert Borer
    OP
    Investor · Saline, MI · Member since 2016 · 46 posts · 10 votes
    8y

    @Ashish Acharya - thanks for explanation - appreciated.  I actually DO need an appraisal even if I haven't explained the purpose clearly enough.

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