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Updated about 3 years ago on . Most recent reply presented by

Logan Zanki's profile image
Logan Zanki's profile image
Logan Zanki
  • Investor
  • from Wilmington, North Carolina
  • Member since Dec 5, 2013
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Logan Zanki's profile image
Logan Zanki's profile image
Logan Zanki
  • Investor
  • from Wilmington, North Carolina
  • Member since Dec 5, 2013
Connect
Logan Zanki
  • Investor
  • Wilmington, North Carolina
14
Votes |
109
Posts
Tax, SDIRAs & Cost Segregation

Condo Has Zero Land Value - What do we use for depression?

Logan Zanki
  • Investor
  • Wilmington, North Carolina
Posted

I have a rental thats a condo and I purchased it for $245,000.  My accountant wants to use 10% of the purchase price as a land value but the city tax records says I have zero land value.  I tried looking online at the IRS website but couldn't find a strait answer.  Can some one help me and let me know if we can fully depreciate the purchase price or we should make up a number for the land?

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