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No, you can't depreciate land, even when it is a rental property.
The amount you spend buying the land is its basis for gain or loss when you eventually sell. For example if you spent $64,000 on buying the property, and later sold it for $100,000, you would have a $36,000 capital gain.
You can claim your property taxes and legal costs as rental expenses.
No, you can't depreciate land, even when it is a rental property.
The amount you spend buying the land is its basis for gain or loss when you eventually sell. For example if you spent $64,000 on buying the property, and later sold it for $100,000, you would have a $36,000 capital gain.
You can claim your property taxes and legal costs as rental expenses.
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