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California condo depreciation
Newbie from the bay area, California. I have only invested in stocks so far, but recently have been considering a residential condo unit in my geographic area as a first step. One aspect I am particularly interested in is taking advantage of TCJA bonus depreciation in the first year of purchase. This will make a big difference to me because I will be in a high tax bracket for a couple of years.
Does anyone have any sense for what percentage of a condos cost, typically is eligible for bonus depreciation, especially under the new tax laws ? My understanding is that land cannot be depreciated at all and the building can only be depreciated over 27.5 years, but I don't know what percentage of a condos cost can be attributed to those.
Thank you