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A property owner sought guidance on calculating deductible depreciation for three properties (one primary and two ancillary) acquired for a single price and leased under a single contract. The DGT ruled that, as there is a single contract and price, it is treated as a single lease. Consequently, depreciation is calculated by applying 3% to the higher of the acquisition cost or the cadastral value (excluding land value).
Question posed: How to compute the deductible depreciation expense in the determination of real estate capital income.
When properties are acquired jointly for a single price and leased under a single contract, they may be treated as a single lease to determine real estate capital income. In this case, the deductible depreciation is calculated by applying 3 percent to the higher of two values: the satisfied acquisition cost (excluding land value) or the cadastral value (excluding land value).
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