<thomasb369[at]yahoo.com> wrote:

- quote -

In most jurisdictions that number is meaningless. In all jurisdictions your
starting point for depreciation is the lesser of basis or FMV at the time
the property was placed in service--improvement portion only.

--
Phil Marti
Clarksburg, MD

--
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I relocated in August 2008, selling my previous home and purchasing a
new one. I use part of my home for office space, so I have to do a
8829 prorated for each property.

At the time of purchase, the official valuation of the new home on the
county tax records was $159,900. However, I purchased it for $136,000.
After MUCH wrangling, the village assessor reluctantly agreed he had
to lower the valuation (and therefore, the property taxes...can't
blame him for trying!) to $136,000 but said I won't receive official
notification of this until the tax bills come out in December 2009.

My question is: for the 2008 8829 I need to state the value of my home
at the time I first started using it for home office. I'm not sure
which figure to use. If I go with the higher number, which is the only
one officially recorded at this (and that) time, it is advantageous
to me BUT technically, I'm thinking the "value at the time" means what
I paid for it, which - I also presume - will be my basis from now on.

But I'm wondering about the wisdom of putting down the $136,000 figure
when there is currently nothing in the public record that supports it
(other than my closing papers.)

I'd be most appreciative if someone could tell me which number I'm
supposed to use.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >