I purchased a condo rental property at the end of 2021 and put it in service to be rented in January 2022. I valued the condo at $240k per the appraisal, and I added $5,919 in closing costs to acquire the property to the basis. Per my county's tax assessment, land is valued $24,360. When I run this through turbo tax, it is valuing my depreciable basis as $223,258 while the land was then valued at $22,661. I don't understand how the depreciable basis for the building was calculated and how the value of land is being decreased. Any thoughts?
