What if you bought a condo and have a land lease every month? Does that mean the actual Purchase price of the condo can be depreciated since the land is still being leased?
If you don't own the land and it reflects on your deed and in county tax records that you don't own the land, then in the "COST OF LAND" box you'll enter a zero. It's just like owning a house trailer, yet you rent the land you have placed that trailer on. You can't include in your cost basis that which you do not own.
