I have recently purchased a Condo, and would like to start renting it out. My real estate tax bill does not allocate any portion to land and feel that for depreciation purposes some allocation must be made towards the land. Does anyone have and suggestions and know what section of the Internal Revenue Code would show this?
2007-02-24 04:43:24 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The whole thing is depreciable. You don't own any land, so you would not allocate any value to it.
2007-02-24 05:47:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
wait a sec... if it depreciated, then how is that an investment? Sounds like you need a better realtor.
2007-02-24 04:46:39 · answer #2 · answered by KC Slim 5 · 0⤊ 1⤋
Consider this ..... when you buy a condominium, you own no land.
2007-02-24 04:59:53 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋