Can allocated residential land be stored
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Introduction
Residential land typically caters to housing and can be unsuitable for large-scale storage solutions, mainly due to zoning laws designed to maintain community aesthetics and prevent disturbances. Primary classifications include residential, commercial, agricultural, industrial, and conservation land. When the property was originally acquired, the purchase price would have been allocated between the land and the building so that the building could be depreciated. I spoke with my old accountant, who said he always used 10 percent and never had any trouble, but he offered no help for my current mess. Since land provides no current tax benefit through depreciation deductions, a higher allocation to building is taxpayer-favorable.
Can allocated residential land be stored
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