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Investors & landlords
Total Basis is usually your original cost, plus cost of improvements.
Basis Adjustments include depreciation (such as from a Home Office), improvements, and more.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p551.pdf#page=5">https://www.irs.gov/pub/irs-pdf/p551.pdf#page=5</a>
What did you enter for land for the original rental property? Your property tax statements may have an allocation of building versus land.
I *THINK* it asks for both the original purchase date AND the "placed in service" date. If it does not ask for both (keep going a few screens), then you would need to go back and enter the "placed in service date" (January 2018) where it asks for the date purchased.
Basis Adjustments include depreciation (such as from a Home Office), improvements, and more.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p551.pdf#page=5">https://www.irs.gov/pub/irs-pdf/p551.pdf#page=5</a>
What did you enter for land for the original rental property? Your property tax statements may have an allocation of building versus land.
I *THINK* it asks for both the original purchase date AND the "placed in service" date. If it does not ask for both (keep going a few screens), then you would need to go back and enter the "placed in service date" (January 2018) where it asks for the date purchased.
‎June 3, 2019
10:31 AM