The noun GERBIL has 1 sense: 1. small Old World burrowing desert rodent with long soft pale fur and hind legs adapted for leaping. Familiarity information: GERBIL used as a noun is very rare.
The value of the house today is between $425,000 and $490,000. The house is currently rented for $2,500 per month to long-term tenants ($30,000 per year). They are on a month to month lease. Taxes of $5,925.04 were paid in March 2010.
Determine your basis in the house. Now that you know the basis of the property (house plus land) and the value of the house, you can determine your basis in the house. Using the above example, your basis in the house â the amount that can depreciated â would be $99,000 (90% of $110,000). Your basis in the land would be $11,000 (10% of $110,000).