How would you calculate the depreciation on a property used for rental purposes? I understand that you cannot depreciate land, so would you take an educated guess here and presume an 80/20 (Property/Land) split, and then depreciate on the property only? Or is it compulsary to have each property/land split valued by a surveyor?
Following this, what would be an appropraite depreciation % to use here?
Many thanks in advance.