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  • 1.  DEPRECIATION OF CONDO

    Silver Most Valuable Member
    Posted 10-13-2021 01:05 PM

    If a client is renting out a condo unit in a NYC high rise building does any of the purchase price need to be allocated to land value? If so what method is used to calculate that.?

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    Gabriel Bentovim
    HOFFMAN & BENTOVIM, CPAs PC
    Commack NY
    631-499-1500
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  • 2.  RE: DEPRECIATION OF CONDO

    Silver Most Valuable Member
    Posted 10-14-2021 08:17 AM
    There should be an allocation made between land and building.  Generally, you could start with the property tax bill and the assessed value ratio between the two.  Otherwise, a reasonable method should be ok.  I typically use 15 to 25% for land value in Manhattan if there is no readily available breakdown.

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    Larry Prosky CPA
    Prosky & Rosenfeld LLP
    1025 Old Country Road
    Suite 403W
    Westbury, NY 11590
    (516) 873-9600 X1
    (516) 661-6020
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    Original Message


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