I would like to know how to calculate the cost basis for a primary residence converted to a rental property.
I purchased the home in Oregon for 200k in 2005. I moved out and rented it in May 2013. The home is now worth approx 220k.
Do any of these factors matter in determining the cost basis for depreciation?
- Home has had numerous upgrades while I occupied the home.
- Do I use the original cost since, the house has appreciated?
- Cost basis is defined as: value of the home minus the value of the land, correct? Must I get this from my county property tax statement from 2005 (I cannot locate it, so will need to request it).
- Is it worth (the hassle) factoring in appliance upgrades? Can this be done?
- Any other factors to consider?