No, the important thing when setting up a Rental Property Asset is that you start with the correct Cost Basis, as Depreciation each year is one of your largest deductions.
Starting with the amount you paid for your condo (which can include some settlement costs on your HUD-1 statement), add the value of any Improvements you made since you bought the property and allocating a % of the total to Building and to Land (if that applies).
For example, if your bottom line on your settlement statement shows you paid 100K for your condo, (this would include all the costs you paid) and then you added a new roof for 10K a couple years later, your Cost Basis is now 110K to start depreciating your rental. Don't worry about categorizing every expense from your settlement statement into TurboTax. Here's more info on Home Purchase Costs.
If your current tax bill shows your building value at 100K and your land value at 10K, then land is 10% of your total value (no matter how the actual values may change).
Here's more info on Depreciation of Rental Assets and What Kind of Rental Property Expenses Can I Deduct.
@dcisfun5
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
