ThomasM125
Expert Alumni

Get your taxes done using TurboTax

The land is not depreciable, so your depreciation deductions are correct, assuming you entered the correct cost of the building. However, you do need to add the land cost in TurboTax as part of the rental property asset entry, just designate it as land so it won't be depreciated. When you report the sale of the property, the land cost will be deducted to arrive at the gain.

 

So, go back and edit the property entry and add the land value to the cost, so that the total cost reported includes the cost of the land.

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