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Investors & landlords
Carl,
Thank you for your time and thorough explanation! I really appreciate it (specially relating to the home insurance)
This is the actual scenario:
Bought the property in 2006 for $600K. Towards third quarter 2019 had a balance of $480K, I refinanced a new mortgage inclusive of his profit share and closing costs bringing me back to $620K (current mortgage)
My land is 5000 sq feet and both units add to 3600 sg feet = 72% (I though I had to exclude the part of land right?) to depreciate. Therefore, are we saying I can depreciate half of the 72% on the original $480K or on the $620K over the 27.5 years?
‎April 1, 2021
6:06 PM