Updated about 4 years ago on .
Most recent reply
presented by
Condo Has Zero Land Value - What do we use for depression?
I have a rental thats a condo and I purchased it for $245,000. My accountant wants to use 10% of the purchase price as a land value but the city tax records says I have zero land value. I tried looking online at the IRS website but couldn't find a strait answer. Can some one help me and let me know if we can fully depreciate the purchase price or we should make up a number for the land?