Depreciation And Figuring Land Versus Building
I know on rental property it is straight line and 27.5 years for residential. I also know land is not depreciable. What I cannot find out is how to determine the percentage for land versus building on a property. I tried tax records and could not uncover there.
Can anyone lead me in the direction of how to figure this out?
Thank you.
Look at your appraisal. The appraiser should have given a value for the land. Also, your property tax statement should have the valuation of the land, and improvements (buildings) on the land seperate.
What do your tax records tell you about the tax valuation of the property? How much of your valuation is allocated to the land, and how much is allocated to the improvements?