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Get your taxes done using TurboTax
By putting in the land cost you are segregating that portion of what you paid for the property as not depreciable. That portion will remain intact up until you sell the property so even if you completely depreciate the building you will still have some value left.
If the trust earns money then it has to be reported on a tax return. If it is reported on your personal tax return then no further documents are required.
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March 12, 2024
3:25 PM