Home Depreciation - Calculating Value of Land

[aemcclane]

I see in figuring out what to depreciate, you are to subtract the value of your land from your purchase price (or tax assessment whichever is lowest). In our case, its purchase price of $130,000. I have been all over our home/mortgage paperwork and can't find anything anywhere. The closest I found was an estimate for the "dwelling" of $20,000. Could that be it?

[Michael]

Some thinks from earlier threads: https://daycare.com/forum/tags.php?t...ciation+-+home

https://daycare.com/forum/tags.php?tag=home+depreciation

[TomCopeland]

home depreciation

I see in figuring out what to depreciate, you are to subtract the value of your land from your purchase price (or tax assessment whichever is lowest). In our case, its purchase price of $130,000. I have been all over our home/mortgage paperwork and can't find anything anywhere. The closest I found was an estimate for the "dwelling" of $20,000. Could that be it?

Don't use the $20,000 dwelling number. If you can't find the value of the land at the time you bought it, find out the value of the land today from your county assessor's office and compare this to the assessed value of your home today. If your land today is 20% of the value of your home today, use 20% of the purchase price as the value of the land when you bought it.

[aemcclane]

Thank you!