Just bought a rental property and put it into service a few weeks after. I want to combine the building basis (Total value minus land portion) + closing costs + appraisal + inspection + other startup costs into a Single Basis number. Turbo tax walks the user through the building basis + most closing cost items, but not all. Do I need to capitalize the other expenses as "Other depreciation"? Or should I disregard Turbo Tax's canned building entry fields and but enter the unified Building+closing+startups number as "Other depreciation"?
