@JohnB5677 Hi John, I put the unit into rent in 2018. I did use the entire purchase amount as my cost basis for depreciation since I didn't think the land valuation was correct. And I did include the deduction for depreciation on those returns. So I don't have to amend those.
I live in San Diego county. I am not sure if they do things differently but my tax bill always shows Land and Improvement values. And the land represents 72.2% of the total amount and the Improvements is 27.8%. Maybe my county just charges condos differently than single family homes to make more tax revenue.
Do you think it's still ok to take depreciation on the entire amount of my condo value when I purchased? I don't have to subtract the land? The condo building has a lot of common area that is part of the association and the association pays taxes for the building itself and the land.
