how to price the cost of land ,having a flat at cambridgeport commons. for the purpose of depreciation in schedule E ( tax purpose)

Asked by freddymartin777, Cambridge, MA Mon Mar 18, 2013

This flat is one of the 100 units at 20 chestnut street. i can seem to find the cost of land for the unit . complex was built in 1989

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John J. Dean…, Agent, Boston, MA
Fri Apr 26, 2013
sounds like you could use an accountant not a real estate agent to answer this question properly
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Heath Coker, Agent, Falmouth, MA
Wed Mar 20, 2013
Hi FreddyMartin777,

If you are using tax software, cal their help line.
Or you could ask a tax professiional.
Or you could search it online - unless that is why your question is here, which may mean that you aren't asking the right question.

There are rules for depreciation in the US that may be different in other countries.
I'd choose a local tax pro to help save time and money.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
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Louis Wolfs…, Agent, Needham, MA
Tue Mar 19, 2013
As you know land is not depreciable. and typically and in high rise condo's the towns typically don't give the land a value. Therefore you can depreciate the entire value of the property. That said I would ask your accountant and you can only depreciate it if you rent the unit out as an investment. Remember when you sell you will have recapture.
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