How do I enter Land for a residential rental in the depreciation schedule? No depreciation will be taken. Since I filed (not Turbo Tax) last year with Land for this rental property on the depreciation schedule, I want it to show on this year's tax return, for the sake of consistency.
Expert Reviewed
if you enter the full cost of the property and the portion allocated to land, Turbotax will subtract the land value from the full cost in computing deprrecitaion
something like this using a single asset account
full cost land and building entered $375
value of land entered $100
net depreciable value $275
another way is using two asset accounts one for the building cost without the value of land the second only the land value which would be indicated as non-depreciable
I think either is preferable to not entering the land value at all because of potential issues you may encounter when the property is sold or traded.
so in the second year of ownership (100% business use) you should see Turbotax compute depreciation as $10. the first-year depreciation is computed using the mid-month convention -see IRS PUB 946 table a-6
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