Need help with depreciation

[Tony H.]

Hi BP,

I cant seem to find an answer to my situation here, unless I missed it.

Here is the problem. When I acquire the my duplex back in 2017, the tax assessment for the land was about 50k.

I subtracted that from my purchase price 300k to get 250k depreciable value.

A year later, I received a supplemental tax bill with revised assessed value that match my purchase price total.

However this time they assess the land to be $130k and 170k for the home.

Now im way off in my 2017 tax returns.

Any suggestions?

Thanks

[Bill B.]

As a non-lawyer non-cpa. I would say you used the best possible information at the time and leave it as is. Unless your land is very valuable and your building is almost a tear down 20-25% of the purchase as land value as been my norm except townhomes or condos where you literally zero or near zero land.