From 1996 to 2011, roughly 20 square miles of dry land and wetland were converted to open water along the Atlantic coast.  (By comparison, Manhattan is 33 square miles.)  Did someone tell those people that they couldn't depreciate land?  And then there are the flooded areas along the Mississippi and other Midwestern rivers, that may be underwater forever.  And that dam that burst in Michigan.  Not to mention the earthquakes and landslides in California.  Who hasn't heard jokes about seafront property along the Colorado River, after the next Big One?  These are the known risks to losing land.  But then there are the unknowns.  What if it turns out the next coronavirus comes from a snail that is found within 25 miles from Poughkeepsie?  How much do you think that land is going to be worth?  I say, let's depreciate all of it, not just the Florida resorts.