There is no depreciation on the land, but there is an amortization schedule for any depreciable assets you have entered, such as the tiling. There will also be worksheets created for all assets you enter, including any land. The basis of the land won't be included on Schedule E, only income and expenses will show up there.
When you enter depreciable assets—vehicles, buildings, farm equipment, intellectual property, etc.— TurboTax generates Form 4562 and applies the correct depreciation method. There is no single place in TurboTax to enter depreciable assets. Instead, when you enter your business, rental, farm, or job-related expenses, we'll ask about related assets and apply the depreciation at that point.
Use Form 4562 to:
- Claim your deduction for depreciation and amortization.
- Make the election under section 179 to expense certain property.
- Provide information on the business/investment use of automobiles and other listed property.
For more information on land expenses, see Publication 225 - Conservation Expenses for Land
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