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Investors & landlords
This question occurs because of the depreciation schedule. Land does not depreciate. So the value you put in Improvement value will be the depreciable amount.
If you take the original purchase price you will have to split it into the two categories. One way to determine this is from your real estate tax bill. Some communities will allocate taxes based on structures and land. You can allocate based on a percentage of each number.
If it is not readily available on the tax bill you may be able to obtain it from your town hall.
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February 23, 2021
7:20 AM
12,566 Views