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Investors & landlords
Yes, it is ok to enter 2023 as the first time in service, no prior depreciation and just keep my own spreadsheet to track what was taken.
Yes, add all the costs to the entire house together, then separately enter the improvements that were for the office only. You can add the land in the space provided because TurboTax will subtract it before calculating depreciation. I was speaking as if there was only the home office cost basis entry.
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‎April 10, 2024
7:01 AM