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Investors & landlords
WHen you originally entered the property into TurboTax the very first time 5 or so years ago, you were asked for COST and COST OF LAND.
COST - What you paid for the property in full, when you acquired it.
COST OF LAND - That portion of COST that you allocated to the land. According to you, that would be 25% of the amount you entered in the COST box.
The program (not you) would do the math allocating 75% of your total cost to the structure, and that value is what gets depreciated over 27.5 years.
Is this *NOT* how you did this?
‎July 5, 2022
4:35 PM