I'm attempting to purchase an investment piece of property and don't know how much of the potential investment I can depreciate. Can I dep 100% or 80% or what of the condo? Any help is greatly appreciated!!
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You can depreciate 100% of the condo - 0% of the land underlying it. Your purchase price needs to allocate some amount to the land cost. Look at it this way, if the building burned to the ground, you still own some % of the land. If the condo owners decided to sell instead of rebuild, what amount would you get?
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