Depreciation deduction on a Rental property
Would like to calculate depreciation deduction on a Rental property, but what is the land value associated with the rental property? looked up the tax assessor’s valuation information on the rental property. The land was $26,560 vs building value $51,140. This means land would be 34.18% of the purchase price paid of $122,500. Using the adjusted purchase basis, the land cost would come out to $42,434. Is this a correct way to allocate value to the land? I understand that Land does not provide a depreciation deduction.
This is probably an accurate source, but thought I’d just run this and post it in BP to see if anyone have anything that could rely on to identify a percentage value to the land. Would appreciate if anyone can help.