If I obtained a rental property from a parent as partial gift/partial sale how do I calculate and enter my cost basis and depreciation schedule in Turbotax? There were many line items for improvements on depreciation schedule as well, not just structure and land.
I'm currently using the offline version of Turbo Tax and the first place I"m stuck on is: "Tell us About this Rental Asset" then there's a field input for Cost and Cost of Land.
Cost: (the amount you paid for it, plus freight, installation, sales, tax, legal fees.
Cost of Land: (If the cost of this property includes the land value, enter the land value here)
