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After you file
1. The property profile is probably where you entered the cost. You have to enter the house in the asset section where you entered the roof and windows.
2. Land does not depreciate.
3. The program will ask how much you paid, enter the total paid. On the same screen, it will ask for the land value. Then the program will subtract the land value to calculate the basis for depreciation.
See:
- how to file an amended return.
- I need to amend my state return.
- Real Estate Tax and Rental Property.
- Rental Property Deductions You Can Take at Tax Time
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March 30, 2023
4:31 PM