Question about calculating deprecationI bought a rental property in 2011 and it was rented immediately. I am now doing taxes for 2011 and have a question on calculating deductible depreciation for 2011. I bought the property in foreclosure for 90,000. I need to reduce the land value from 90k. The appraisal district says the appraisaled value of the house is $126,280 of which the land value is 25,000, leaving the depreciable homesite value to be 101280. Now do I simply reduce 25k from 90k (65k) to calculate my depreciation or is there some kind of formula or logic that is to be applied in such a scenario? I just feel that its unfair to appraise this at such high value when its truly not reflecting the market value and its wayyyy off. I tried disputing last year to no avail.February 05 2012 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.