abctax55
Level 15
05-23-2020
03:23 PM
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1) The *VALUE* of the property is irrelevant.
2) The cost - what your client PAID for the property is needed (unless the FMV at the time it became a rental was less than the cost).
3) Unless there are recent sales, Zillow is virtually worthless. Per Zillow, my house only has one bathroom....
4) If it's a recent (last few years..) purchase, the title company should be able to provide a closing statement.
5) What state? In some states (CA) the property taxes are based on the historical purchase price.
HumanKind... Be Both