Can you depreciate a parking spot?

[ETax847]

Client is considering buying a parking spot in his condo building to rent out.  The spot is in a garage.  Can this spot be depreciated?

[ILLMAS]

Sounds like the same treatment land gets.

[ETax847]

That's what i was thinking.  Thanks for the quick reply

[Roberts]

 

[Lee B]

It's a land improvement, of course it can be depreciated, or if you consider it to be an intangible it could be amortized.

It probably depends on whether he purchased the right to park in this space or whether the spot is titled in some fashion

like all the different ways a condo can be titled.

[Abby Normal]

6 minutes ago, cbslee said:

It's a land improvement, of course it can be depreciated.

What if it was just a space on a grass/dirt field?

Joking aside, because it's a building, I would go with building at 27.5 years.

[Max W]

Paved parking areas are 1250 property with a 15 yr depreciation.

[Abby Normal]

This is a garage building for a residential property. I'm sticking with 27.5 years.

[Margaret CPA in OH]

It's been interesting reading this and remembering 40ish years ago when I lived in Back Bay area of Boston.  Having just moved from Switzerland, we had no car and discovered we didn't need one.  Then bought a condo at Beacon and Fairfield just being converted from student apartments following conversion from a single family house.  As the third buyers, we used our saved up car purchase money to buy the parking space then rented it out.  I was a molecular biologist then and knew nothing about depreciation.  I do know that 3 years later, about 1979, we were offered $10,000 for just the parking space!  Hey SOL expired by now, right?