This reply isn't allowing me to copy and paste portions of the TurboTax return using the Snip feature, so I had to resort to Microsoft Word.
Here's the TurboTax section:
OK, we’ll get some details to calculate the cost of HUTTO HOUSE
Here's where I entered the purchase price of the house ($460,000) data was removed:
Tell us more about your purchase of HUTTO HOUSE
This info is commonly found in your closing documents, such as a HUD-1 settlement statement. Learn more The first step to determining your cost basis is getting your original purchase price.
Purchase date
Example: Section B, Box I on a HUD-1.
Available date
The day this property was ready and available to use as a rental.
Original purchase price
Example: Section J, Box 101 on a HUD-1. This value includes land.
Here's where I entered the land value 0f $78,000:
Enter your property tax info
This info can be found on your property tax bill. Learn more We'll use the land and improvement values to calculate your final cost basis.
Improvement value
Includes buildings, structures, fences, decks, etc.
And this is what TurboTax calculated (COMPLETELY WRONG) ! Can't edit this.
OK, we've calculated your depreciable cost basis
Even though your land has a cost basis, it can't be depreciated.
Cost basisDepreciable basis | Building | $0 | $0 |
| Land | $464,158 | n/a |
| Total | $464,158 | $0 |
