Hi ChrisD,
In the case you mentioned below, during rent/leasing period, should I use 240,000 to depreciate or 250,000 to depreciate it?
Thank you very much.
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Here is the case:
When you allocate the land portion, only the condo will be depreciated.
For example, value is 250,000.
If you value the land at 10,000, you will be depreciating 240,000 over 27.5years.
When you sell, say for 320,000, you will again allocate part to the land.
