- we owned park for last 9 years
- no appraisal on file
- accountant allocated most of the purchase price to the land and so we did not have proper depreciation done
- looking to change depreciation schedule going forward
- we read all the advice on the forum from the past
What supporting documents can help us now to change the depreciation schedule to where we allocate just about 30% to the land?
Remember: our original lender does not exist anymore so no appraisal on file
Everybody points us to do a cost segregation study, but with the implications in case of a 1031 sale down the line we do not want to use that tool.
What have others used as proof? How has the IRS taken it?
Thank you for your input.