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Why don’t you depreciate land?

Land is not depreciated because it does wear out over time. Land has an unlimited useful life whether or not you are around to see it. The piece of land that you own is probably going to be around for a long time unless you own land on the beach which will be not very useful in the very near future.

Other long lived assets like building improvements, furnishings, tools are depreciated because they all have limited useful life. Very few assets are without limit but land is one of them. Land has no limit so you do not need to depreciate the cost of land over any kind of accounting period.

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