Purchasing an existing ground lease with an existing building
I’m trying to figure out the depreciation implications of purchasing the rights to a ground lease with an existing building on it.  Can the purchase price be depreciated over 39 years? Is it some portion of the purchase price because some is land and some is building? Or is it not able to be depreciated?
[{"id": "if4mxbz", "text": "If you are purchasing the land and collecting ground lease payments, then you don't own the building (yet?) so you can't depreciate it.\n\nIf you are purchasing the building and making ground lease payments, then you don't own the land so the entire purchase price is the building and you can depreciate all of it.", "replies": [{"id": "if6f0kl", "text": "This. Ground leases suck because you have no shelter for income tax. However, if you wait out the ground lease then the building will be yours and then you can start depreciating.", "replies": [], "depth": 2}], "depth": 1}, {"id": "if57q0b", "text": "Good question ! Curious about this myself", "replies": [], "depth": 1}]