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Parking Spot Depreciation?


ETax847

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Since it's a condo - is he personally responsible for any of the upkeep versus what the association would be responsible for handling?

I'd maybe attribute part of the association fee and not depreciate. It literally is LAND and he pays a monthly fee to cover maintenance and repairs I'm guessing.

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1 hour ago, cbslee said:

7 and 1/2 years ago I paid $5,000 to replace an old driveway with a nicer than average new driveway.

Now the cost would be close to 10,000.

You are comparing apples to oranges.  You had a customized residential job, which would be on the high end of the scale.  A parking lot is going to be on the lowest end of the scale.  

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I have a family member who owns a condo in downtown Chicago.  His two parking spaces each receive a separate tax bill.  I should ask him if there is a breakdown of land vs, improvements.  The parking garage is in the lower levels of a high-rise building,  Certainly there is much more to it than just a piece of land: the structure of the parking garage.  For your condo owner, it is probably similar.  Ask what the tax bill shows.

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