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1. Determine your property's cost basis. Typically, the basis is what you actually paid for the property, including all closing costs..
2. Allocate your basis between the depreciable condo, and the non-depreciable land on which it sits.
3. Divide the property's cost basis by 27.5 to find your annual depreciation allowance.
1. Determine your property's cost basis. Typically, the basis is what you actually paid for the property, including all closing costs..
2. Allocate your basis between the depreciable condo, and the non-depreciable land on which it sits.
3. Divide the property's cost basis by 27.5 to find your annual depreciation allowance.
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