If you wern't asked for a land value, then you either entered the asset wrong, or not at all. But for now, lets assume you set it up correctly, and further assume you put in the wrong values is all.
In the Assets/Depreciation section elect to edit/update the property it self. One of the screens has two data entry boxes on it.
COST:
COST OF LAND:
If you don't see that, then the asset has been incorrectly classified under MACRS. But assuming you do see that, here's the details on how the program works.
COST: What you paid in full for the property, land and all. (minus of course, things like closing costs and the such.)
COST OF LAND: that portion of the amount in the COST box that is allocated to the land.
The program (not you) will subtract COST OF LAND from COST and that difference is the cost of the structure that gets depreciated over the next 27.5 years.
