I am doing an amended 2018 tax return because there wasn't any depreciation expense calculated in my 2018 Turbo tax return. I am using my 2018 property tax assessment statement values for this calculation:
Land = $161,640; Bldg = $135,529; Total Values=$297,169.
The initial purchase price on my property was $220,000. Turbo tax asks to enter the purchase price ($220,000) and the land value. Should I use 73% of $220,000 ($161,640/$220,000)=$160,600) as the land value in my amended return? In addition, should I use the value of $297,169 (from property tax statement) as the cost instead of $220,000?
