With TurboTax 2016 if you work through the program in interview mode, the way it's designed and intended to be used, the numbers are right. But the problem with the approach used in the 2016, is clarity. COST is total cost. Period. COST OF LAND is how much of the total COST one is allocating to the land. Clarity is lacking on just exactly what is entered in COST, as some folks incorrectly and unknowingly enter only the structure value in that COST box. The issue is addressed in TurboTax 2017 because it handles this completely different.
In TurboTax 2017 you are first asked for the cost - what you paid in full for the property.
Next, you are asked to enter the values from your latest property tax bill. Then the program uses the property tax bill figures to determine what percentage of your tax value is allocated to the land.
Then the program uses that percentage figure to determine how much of the actual cost you entered, is allocated to the non-depreciable land.
