Townhouse Rental Land Depreciation

Forum|Forum|1 year ago
April 12, 2025
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If someone could please help me on couple of quick questions re: Townhouse Rental Land Depreciation.

I have a middle unit Rental Townhouse (row of 5 houses together in one structure) and TurboTax is asking for the breakdown of: (a) Land (b) Property Cost - 2 quick questions:

(1) Does a middle unit Townhouse (row of 5 houses together) owner owns the land? or land is owned jointly with all 5 owners? or does HOA has the ownership of the land? Could I enter a 0 value in the land for a middle unit Townhouse, since I directly do not own the land directly (unlike a single family home)?

(2) My middle unit Townhouse property tax bill does not provide any breakdown of the Land assessment Value, which tells me loosely that I do not own any land for the middle unit Townhouse - Where/How I find out the value of the land of a middle unit town house?

Any or all help or directions is greatly appreciated!

Thank you 🙂

MonikaK1

Check your deed and other ownership documents. Contact the HOA if you don't have a copy of the documents that describe the allocation of the land ownership. Typically, there is a land allocation even for an upper floor condominium if the property has common grounds.

Does your property tax bill actually have a land breakout that shows zero allocation? Contact the local tax assessor's office for any questions about the bill.

See this TurboTax tips article for more information about deducting rental depreciation.

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