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June 14, 2024
Question

condo depreciation

  • June 14, 2024
  • 2 replies
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Since only Improvements can be depreciated, I'm wondering how to determine the land value for condo. I heard some people said condo has no land value, but I did see the land Assessed Value in public record. Here is an example:

2 replies

M-MTax
June 14, 2024

Use the percentage........total to improvement value but not the actual values.

M-MTax
June 14, 2024

So your basis for depreciation would be roughly 70% of your total basis.