Real Estate taxes

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What we pay for investment  real estate today is more reflective of its actual value as business than it was years ago have all tax benefits  been taken away? 45 years ago that period of time  has been steadily reduced until  1986 , when lengthen to 31.5 for commercial property,Formerly , the law would allow you to, in effect . During the first year of ownership, the depreciation deduction is pro-rated is it true today that this would still br based on the  month you buy?