Thanks. Yeah what you said makes sense, but the way TT's "New rental property worksheet" is structured, it does not allow me to enter a depreciable value that I choose. Instead, it asks for my property tax bill and calculate the final value by ratio.
Do you mean that I should work it backwards and calculate the land/improvement percentage from the real value I want?
I *think* my depreciable cost is "original cost (from tax bill in the year of purchase)" + whatever improvments I made on the house (assuming this part is far less than FMV).
