Simple rental property depreciation.

[Mohammad Nur]

I bought a rental property for 220 K last year. From my tax assessment, 80% of the value was assigned to the building and 20% of the value was assigned to the land. So, based on my understanding, I can only depreciate 220X0.8= 176K over 27.5 years, since I can't depreciate land. 

However, my CPA is telling me that I can depreciate the total purchase price of 220 K as I didn't buy the land separately. I would only separate land if I bought the land and then build on it. 

So, my question is which is the right approach? P.S. I am just including the purchase price for making it simple. Some other fees will be added to the cost basis.

[Ashish Acharya]

Originally posted by @Mohammad Nur:

@Ashish Acharya, that's what I understood, that I can't depreciate the portion of the land value. That's why I was puzzled by my CPA's recommendation. 

Need a new CPA.