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Updated about 5 years ago on .
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Depreciation and tax deduction questions
Some questions for investment property:
1) when you buy a house, does the 'clock' on the 27.5 years start over, regardless of when the previous owners bought it?
2) what is a ballpark building vs. land ratio to use when trying to trip out the building value on the overall purchase price (example: if buying a $100k property, what % is typically building vs. land)
3) Can you include improvements/enhancements made onto the building value in depreciation?
Thank you in advance
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- Tax Strategist| National Tax Educator| Accepting New Clients
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You will either get to deduct that loss each year (If your AGI is under $150k)
Or when you sell it those losses generated that couldn't be deducted when your income is too high become available so they'll offset that gain.
