Just purchased a rental property for 95,000 and paid for it using a conventional loan. I have my closing documents but curious how to enter this. My transactions show the cash to close (approx. 30K) but shouldn’t I be depreciating the the entire purchase price (95,000)?
@jtalpropertiesllc please note I’m not a licensed tax professional. you’re not going to record depreciation within Stessa. Hand the closing document to your accountant. You will also not depreciate the full purchase price as you cannot depreciate land value (it doesn’t lose value in the eyes of the IRS). You will want to look up the land value at your local tax assessor website and also give that to your CPA.