The division of your purchase cost between the physical building and the land value is something that you will need to determine based on your knowledge of the value of land in your area. The reason for this is that only the physical building will be depreciated, not the land. Therefore the cost of the land will be subtracted from the total cost of the property.
For another perspective on this topic, see the following: How do I find the land value and improvement value of my property?
@otter-kw
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
