Hi BP! I'm new to REI. I moved to Maryland earlier this year and am in the process of turning my GA home into a rental. I was reading that for depreciation on SCH E they go by either our tax assessment or an appraisal.
Since I've made a ton of improvements to the home since I purchased in 2009 (new roof, new patio, new kitchen and currently working on updating the master bath), I'd like to get a real idea of the appraised value so I can use that towards the depreciation instead of the tax assessment should that deal come through.
I'm hoping you all might have an appraiser in the Decatur area you have used and would recommend? Also, anything I should be aware of that I wouldn't know as a newbie?
You might want to first decide if more depreciation is good or bad for you first. If i had a choice, I wouldnt depreciate any of my properties. Depreciation is recaptured when you sell, upping your sales tax liability
That’s an excellent point, I’ll have to think about the implications of that.
I don’t have any plans of letting go of the property, but we plan and God laughs... Might not be worth the savings now to pay later if something changes.
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