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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Take the cost of the home including closing costs, add improvements less the appropriate value of the appliances.
The total is reduced by the value of the land at time of purchase which can be obtained by going to the property appraiser's site. Subtract this from the amount on line. Write off over 27.5 years.
Take the appliance value from above, add new purchases of furniture. Write this over 5 year.