Get your taxes done using TurboTax
You wrote:
Next, enter another asset classified as Residential Rental Real Estate, and again use the same in service date used for the original entry.
For COST, enter the value of the land.
COST OF LAND will be the same as in the COST box. This way, nothing on this asset is depreciated since land is not a depreciable asset.
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At this point I run into a problem, the same problem that caused me to post the query yesterday.
"Tell us more about Rental Asset". I select I purchased this asset.
"Used this item 100%?". Yes, and add date for 1990.
Select continue and....
Next screen "Data may be incorrect". My choices are 'back' or 'delete'.
I checked forms and the "depreciation report" correctly added the above but regardless I cannot proceed within EasyStep. And confirming that the Land has been $16k of the original purchase price through many years of filing with TTax.
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So why am I hitting a wall here?
