TurboTax is automatically picking up the cost from the 2023 return. However, the cost does not include the landscaping cost done prior to renting. I never provided the landscaping cost when I started renting the property in 2014 as it does not come into play when calculating the depreciation (as landscaping is considered to be a part of the land). So when I report the sale in 2024, I just want to update the "cost" so that capital gains is correctly calculated. There will be no impact to depreciation because of this. Can I just updated the "cost" and "cost of land" in the TurboTax "Property Assets" section on the 2024 tax return? Thanks.
