Evidence of Property Value for Depreciation
Feb 24th 2013, 10:09 pm
#1
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Thread Starter
Joined: Feb 2013
Posts: 583
Evidence of Property Value for Depreciation
Hello all,
Having spent the past couple of days trying to navigate my way around US tax as it relates to renting our UK property, I have a question relating to evidence to support our claim to the current value of the house for depreciation purposes. I know that it is only the value of the house itself and not the land that is used as the basis.
Do I need to bring to the US paperwork with details of the purchase price of the house, receipts for improvements etc.. for the completion of our US tax return?
The reason I ask is that we purchased our house 14 years ago and have carried out major renovations over this time to the tune of around £90,000. I have receipts for all the major work (loft conversion etc..) and if we do need proof we would like to make sure that we bring it with us and I can add it to my ever growing list of things to do before we move.
Many thanks.
Having spent the past couple of days trying to navigate my way around US tax as it relates to renting our UK property, I have a question relating to evidence to support our claim to the current value of the house for depreciation purposes. I know that it is only the value of the house itself and not the land that is used as the basis.
Do I need to bring to the US paperwork with details of the purchase price of the house, receipts for improvements etc.. for the completion of our US tax return?
The reason I ask is that we purchased our house 14 years ago and have carried out major renovations over this time to the tune of around £90,000. I have receipts for all the major work (loft conversion etc..) and if we do need proof we would like to make sure that we bring it with us and I can add it to my ever growing list of things to do before we move.
Many thanks.
