17 Apr 2023 7:29 am
WRONG!!! The basis of an asset for depreciation purposes is the cost of putting the asset into service. That may or may not be limited to the price paid to the previous owner. Additionally, for tax purposes the useful life or real property (buildings) is 39 years and any improvements made to the building are depreciated over the remaining useful life of the building.Xavier_Onassis » 16 Apr 2023, 12:16 pm » wrote: ↑ 20 X 5% is 100%, why? Because 20 X 5 is 100.
The deduction is based on the price paid by the landlord to the previous owner.