Updated over 5 years ago on .
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BRRRR Basis Head Scratcher
Hello BP Community,
I am trying to get my P&L put together and I stumbled when trying to calculate the basis for depreciation.
Purchase price = $24k
Rehab Cost = $24k
ARV= $65k
My understanding is that the basis for the property would be $48k- Land Value= Basis.
I went to the county site to get the land value for the property and it says $50k! So my basis is $-2,000?!!! I'd appreciate any insight as to how to get an actual basis for this and if I need to get this cleared up with the county. Thanks in advance!