I am entering the asset for depreciation. Based on TurboTax Colleen's response, I believe I can figure out what to do. The Fair Cash Value on my 2015 tax bill is $63,100 and the land value is $2,600 (it's a condo unit) so I would use $60,500 as the cost basis. Sound right?
Another question:
I actually started renting it out in 2015. For my 2015 taxes, I didn't know what to do so I (incorrectly) had the cost basis and the cost of the land both as $70,000 so TurboTax calculated it as fully depreciated and I didn't get any deduction for depreciation. If I update the information on the 2016 taxes, will I need to do anything further or special to correct it? Thanks.
