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depreciation of cooperative apartment

  • 1.  depreciation of cooperative apartment

    Posted 10-01-2018 12:41

    I have a client that inherited a cooperative apartment.  The property is being rented.  I have been provided with the appraised value on the date of death.  Should a percentage of the appraised value be allocated to land? or is the appraisal value used at 100% depreciable?

    Ellyn A. Sosin, CPA
    Sosin & Kriegel, LLP
    3000 Marcus Avenue - Suite 2E4
    Lake Success, NY 11042
    off 516.570.4600 ext 221
    fax 516.352.5216