Silly question: Where, exactly, does one enter the BASIS of an investment property in TT?

[pixelrogue1]

Many articles around what is and in not included in basis, how to depreciate assets and the like, yet NOTHING I have yet to locate stating where the BASIS field is located?

Doubtful this would be the Enter Common Expenses, because that is annual and I am expecting Basis to be a single field only used when purchasing or selling a property.

[MinhT1]

If this is a property held for investment and not rented out, you only enter the cost basis when you report the sale of the property.

If it is rented out then you set it up as an asset to be depreciated (only the improvements, i.e. the house itself, not including land) and you enter the cost basis to be depreciated.

[pixelrogue1]

100% rented out. 

Set "IT" up as an asset. Add the property itself as an asset to depreciate. So then, in the single field for cost of asset, you take the cost of the property, add in the items you are allowed to include as basis (record not-allowed  expenses expenses elsewhere.) This screen I am viewing, which I think you are referencing, would be titled 'Tell Us aBout this Rental Asset' which only has the description, cost and cost of land. Are we on the same page? So you take the cost of the rental, add in a few things as allowed, and that is the number you enter into the Cost field.

side note: condo, hard to say what the cost of the land would be on the condo. actual land footprint is pretty small... maybe 20x50.

[JohnB5677]

You truly have the concept.  As stated above, Cost Basis is used when selling the property.  You have accurately stated how to post an asset for depreciation.

Regarding the value of the land.  If you have a copy of your real estate tax bill.  See if you have a vale for both the Condo and land.  You can use the same percentage to determine the land value.