I bought a home for $670K and the land value is $430K. Why does Turbo Tax tell me that my rental property will depreciate only $3,500 for the next 27 1/2 years? Shouldn't it be $240,000. (I entered the land value on the "Enter Property Tax Values" Screen under Wages & Income tab for Property Profile)
Did I do this correctly?
Any help would be appreciated.
