Maybe this will help? One issue I've seen a few times, is folks not entering the correct information to begin with, because of a lack of clarity on the screen, or they don't read the small print. When entering the data in the screen that asks for COST and COST OF LAND, using your numbers you'd enter:
COST: $460,000 (this is your total purchase price)
COST OF LAND: $78,000 (this is how much of the COST that is allocated to the land)
Once those figures are entered, the program (not you) will do the math to determine the structure value of $382,000 to be depreciated over the next 27.5 years.
Take note that the final figure to be depreciated may not be exact, because the program will also take into account those closing costs/sales expenses that get added to the cost basis.
