Thanks for your response on this. I have some more analysis info:
On the old property and the new property, the value of the land was not entered into TurboTax, or it didn't transfer over. The Basis is only the net basis, excluding land. A new basis was entered when the new property was acquired, this included the prior depreciation taken on the old property + any profit. I'm thinking about changing the total cost when the asset was acquired and entering a total amount of land included in the cost. The land value. The total cost when the asset was acquired - total amount of land included in the cost = current depreciable basis.
This way the current depreciable basis is still correct and only a value for the land would be entered. Since the land is not depreciable anyway, it's pretty much a wash. Any thoughts on this approach would be appreciated.
Thanks again for your response.
