Updated almost 11 years ago on . Most recent reply
Tax Depreciation
I have a rental condo on leased land that I purchased and fixed up in 2014. Do I depreciate the full purchase price + rehab costs? Since I don't own the land there is no way to split the purchase price between land and structure.
Most Popular Reply
It is best that you consult with a tax accountant regarding this question, but my understanding is that you cannot depreciate land anyway, since land is assumed to have an unlimited useful life. You'd only be able to depreciate the improvements.