What is the name of your state? California
I know commercial real estate held for investment purpose can be depreciated over 39 years. If I bought the commercial real estate in 2006 and land is not depreciable, how do I know what % to allocate to the total purchase price as depreciable real estate vs. non-depreciable land. Can I use the county's assessed land value or do I use between 5% - 10% of purchase cost as a guideline? Thanks.
I know commercial real estate held for investment purpose can be depreciated over 39 years. If I bought the commercial real estate in 2006 and land is not depreciable, how do I know what % to allocate to the total purchase price as depreciable real estate vs. non-depreciable land. Can I use the county's assessed land value or do I use between 5% - 10% of purchase cost as a guideline? Thanks.