It is broken out by dollars. It states, the land is $75,000. Would this be enough basis for the IRS to claim that the depreciation basis would be cost basis minus this $75k instead of doing proportions?
I know the difference results in ~$5k in depreciation expense per year and you mention that doesn't seem like a lot, but it would be between $1,100 to $1,600 in tax savings per year depending on which tax bracket we fall into. Again not earth shattering, but I don't like to pay anymore than I'm required to.
