Land is not depreciated. But when it comes to acquisition costs (would seems odd if the property was inherited, yet it's not impossible of course)
- Those costs associated with acquisition of the loan of amortized and deducted (not depreciated) over the life of the loan. I'm guessing this is not your situation at all, with inherited property.
- Costs associated with acquisition of the property are added to the cost basis of the property and depreciated over time. Generally, the depreciation time frame will be 27.5 years, since those costs can just be added to the existing cost basis.
