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How do you calculate the depreciable basis of a property when you bought land and built a house? The property tax form shows $0 as building value since I just built it.
I entered all of the details from the HUD for the land, and the fees to build the house, but Turbo Tax is aggregating these expenses to the "Land" line and showing the Building depreciable basis as $0. Is there another way to enter new construction?
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March 26, 2022
12:47 PM