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Investors & landlords
No, there is no reduction of your cost basis for depreciation purposes. A condominium unit has no land value attached. When you purchased your condo unit, you were buying only the unit itself and not the land under the building. Once you own the unit, you own a fractional percentage of the land as “tenants-in-common” with the other unit owners.
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March 20, 2022
7:09 PM