Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
Need help with depreciation
Hi BP,
I cant seem to find an answer to my situation here, unless I missed it.
Here is the problem. When I acquire the my duplex back in 2017, the tax assessment for the land was about 50k.
I subtracted that from my purchase price 300k to get 250k depreciable value.
A year later, I received a supplemental tax bill with revised assessed value that match my purchase price total.
However this time they assess the land to be $130k and 170k for the home.
Now im way off in my 2017 tax returns.
Any suggestions?
Thanks