I was told that I should when buying land: Break out all of the improvements for tax purposes.
Property cost $100,000 and is fenced and has one barn.
I should offer $80,000 for land, $10,000 for fences, $10,000 for barn.
That way I can depreciate the cost of the improvements...fence & barn.
Is this correct because if so I have been doing it wrong several times.