There must be something entered that reduced the basis of the property. Do you recall if you entered an amount for land. Lad is not depreciable so the basis is usually reduced to account the the cost of the land associated with the property.
To figure out the depreciation basis of your rental property, you must also separate the cost of the building from the cost basis of the land. Land value for tax purposes is not depreciable.
Real Estate Taxes and Rental Property
@csaba_mate
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