I have primary and rental properties which TurboTax shows depreciation details for various assets. If I look at the main residential asset and the cost and land values, I questioning if this should be updated every year. As I understand, the depreciation value should be based on the purchase price (dwelling only) + improvements. I also read in this zillow article you can use your insurance agent's estimate of the cost of the building. It seems then, that I should work with my insurance agent on a regular basis to update in TurboTax the ongoing value to accurately depreciate. Is that line of thinking correct?https://www.zillow.com/blog/rental-property-depreciation-144131/
