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marctu · ‎October 4, 2024

So let me put three screen shots here to show how to get to the Review Information screen for visibility.

Let me assure you that you want numbers in cost, land, and prior depreciation. That means you did it correctly. The cost is the total cost, which includes the land. The depreciation works on the ratio of the land to the total cost. So if land is 20% then only 80% of the total cost is depreciated.

Just having cost would mean that the land was depreciated, which is not a good thing. You would need to then file a Form 3115, to correct the fact that you depreciated the land. Land cannot be depreciated, which results in having to file a Form 3115. We can help clients that make this mistake in Turbo Tax Live Full Service, but you did it correctly, so there is nothing too worry about here.

Thank you for the follow up question @RaineB

All the best,

Marc A. Tufaro

Turbo Tax Expert

27 Years of Helping Clients

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