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Determining Building value vs Land value for Depreciation in NYC
I own a condo in a multi-unit condominium in Manhattan. I recently rented my condo out. I want to depreciate the asset using MACRS over 27.5 years. The IRS wants the building's value in order to determine depreciation schedule.
How do I determine the land value vs building value of the condominium building?
Once I have the building value, I can multiply that value by my % ownership. That should be my numerator in my depreciation calculation.
Thanks


