Adding First Rental Property Cost Basis Entry

[Anonymous_]

Do not input your assessed value; that is for property tax purposes only.

Input your basis for depreciation, which is typically your cost basis plus improvements for the building. You may need further guidance on this figure.

Input your land cost as part of your total basis.

For example, if your total basis for depreciation purposes is $150,000, then you would enter $100,000 for the building and $50,000 for the land.