All Forum Posts by: Kim Livingstone

Regarding depreciation on a rental property, I know that depreciation deductions are spread out over the “useful life” of a property. The IRS allows an owner to depreciate the value of the home over a 27.5 year period. Depreciation is calculated with this formula below:

Cost of the Building- Value of the Land = Building Value

Building Value / 27.5 = Yearly allowable depreciation deduction

My question is will I find the cost of the building and the value of the land on my property tax bill? If not, where can I find it?

I know that depreciation deductions are spread out over the “useful life” of a property. The IRS allows an owner to depreciate the value of the home over a 27.5 year period. Depreciation is calculated with this formula below:

Cost of the Building- Value of the Land = Building Value

Building Value / 27.5 = Yearly allowable depreciation deduction

My questions are:

What or which documents will provide me the

1. cost of the building

2. the value of the land

so I can calculate the formula?

Where do I find these documents?

Thank you in advance for your replies.

My apologies, wrong forum to post this on. Please disregard.

I am looking for recommendations on a great remodeling company to redo a shower for one of my apartments. Thanks, Kim

I am looking for a CPA in Chicago that deals with land trusts and rental properties. Thanks, Kim

I am looking for a little insight on the appropriate words to use when talking to a renter who could be breaking the terms of a lease. These may include having a guest stay longer than the lease terms state, having loud parties and disturbing the peace. Any advice would be greatly appreciated, Kim

Thank you all for your insight. I will consult with a CPA.

So if each person has 25% or 50% how do you calculate the dividend. What is the formula?

I am looking for a little insight on this situation. We have a rental property that is in a land trust. Can beneficiaries take dividends from the rent? if not dividends, what are the beneficiaries options for taking money from the income which is the rent? How is it categorized on your taxes? And how does it affect your taxes at the end of the year? Any advice would be greatly appreciated, Kim

Does anyone have insight on a situation where a rental property is in a land trust, one of the beneficiaries lives in one of the units, the other beneficiaries live elsewhere, you need or want homeowners Insurance to cover both the land trust and all beneficiaries? I've been told by an insurance company agent that you can name the beneficiary that lives in the one unit as owning the policy and then additionally insure the other beneficiaries but they won't insure the land trust itself where the beneficiaries are named. Are there any insurance companies that would insure the land trust? Any advice would be greatly appreciated, Kim