I bought a condo as a rental investment last year and I'm trying to figure out how to allocate a land value to the total cost for depreciation purposes. Can I depricate the entire cost, or do I need to subtract the land value? If so, how do I figure out what the land value is.How to I allocate Land value vs building value for depreciation in a condo?
You only depreciate the value of ';Improvements';, not of the Land. You'll find this values in your municipal tax bill.
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