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Posted by Paul Thomas, CPA on April 16, 2006, 2:10 am
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> I'm attempting to purchase an investment piece of property
> and don't know how much of the potential investment I can
> depreciate. Can I dep 100% or 80% or what of the condo?
You can depreciate 100% of the condo - 0% of the land
underlying it.
Your purchase price needs to allocate some amount to the
land cost.
Look at it this way, if the building burned to the ground,
you still own some % of the land. If the condo owners
decided to sell instead of rebuild, what amount would you
get?
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
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