Tax assessed value or appraisal value to calculate depreciation?
I just bought a house-hack 4plex in 2020. I don't have any other rentals. Filing taxes now, so just had a few questions.
1. When calculating depreciation, I heard you're supposed to use the assessed value based on the county records. Well, based on the county records, the land has a 44% value and the building has a 56% value. So, the land is at around 200k, and the building around 250k. That doesn't seem right to me. When I had the appraisal done, they valued the land at 75k and the building at 400k. What do I do here? Do I still have to use the tax assessor value?
2. What do I do with points? I read that you're supposed to amortize them over the life of the loan, so 30 years. When I'm entering all the info for my taxes, it says to enter depreciable assets. So, I entered the building of my property. But for the points - am I supposed to enter the points as a new depreciable asset?
Thanks.