What is the name of your state? California
I bought a small office space in 2006 for $150k. The office space is ready to be occupied as the plumbing/electrics/bathrooms/restrooms were all done when I purchased the buiding. I leased the office space in 2006 to a tenant. For 06 tax return, how would I estimate the leasehold improvement to depreciate. Can I use the county property assessor form for the land value at $50k, and assume the remaining $100k relates to leasehold improvement and depreciate that leasehold improvement amount over useful life? If not, how would I estimate the amount of leasehold improvement?
I bought a small office space in 2006 for $150k. The office space is ready to be occupied as the plumbing/electrics/bathrooms/restrooms were all done when I purchased the buiding. I leased the office space in 2006 to a tenant. For 06 tax return, how would I estimate the leasehold improvement to depreciate. Can I use the county property assessor form for the land value at $50k, and assume the remaining $100k relates to leasehold improvement and depreciate that leasehold improvement amount over useful life? If not, how would I estimate the amount of leasehold improvement?