What does Turbo Tax do with the Excess Basis it's asking for?
I looked at my depreciation schedule and Excess Basis is not listed.
I inputted the adjusted basis of property received (line 25 form 8824) as the cost of the property received. Turbo Tax, subtracted land value and depreciated starting year1 over 27.5 years!
Shouldn't the line 25 form 8824 be depreciated 27.5 years minus years of prior depreciation of property given up? If so, how do I make Trubo tax do this?
Thank you.
And the Excess Basis - spent huge amount of time figuring this out because Turbo tax asked for it, and it does not seem useful?!
