Quote:
Originally Posted by arthurjf
I'm a new home owner/ renter. Was wondering how villagers decide the value of house lot vs home for the purposes of properly depreciating for tax purposes?
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I may be wrong, probably am, but I thought you could only depreciate improvements made to the lot, not the property itself. The term (I believe) to write off the structure is 27.5 years.
Please look it up and be sure. I do know it is IRS pamphlet 946.