I wonder how profit can be correctly calculated on a rental property that was initially my own home for 2 years.
In fact the property gained in value significantly before it was rented out.
details -
house bought for 250, lived for 2 years... was worth 330 around time I rented it out... then rented for 5 years and counting is now worth 400.
I know this because it was also when I went though divorce and my ex wanted more money from me in order to transfer of equity into my sole name.
I did end up giving her more money than she was owed just to get her off my back. At the time she used an estate valuation to show that it was worth 330 - obviously I ripped this up and threw it in the bin LOL.
However, i doubt that piece of paper would be valuable to me?
So the question remains, how do i correctly prove the value of the house at the point i put it on rent? Or what is the way they calculate this situation?
Thanks all in advance.
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