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Money and Finances
Reply to "rental property income and expenses"
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[quote=Anonymous]You get to depreciate a fraction of the building value, not the land value. I think it is 1/20th. It really, really helps your taxes now. But, when you sell it, you re-capture all that depreciation... and then it comes back to haunt you in your taxes (potentially). If you get turbo tax, it does it all for you. But, you have to figure out what portion of the current value is the land and what is the building. You can use the percentages used by the tax assessor (your tax assessment) to figure those numbers out based on the actual value (not the tax assessment value). [/quote]
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