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Turbotax Not Calculating Rental Property Depreciation Cost Basis Correctly

Good morning, I hope someone can help me with this.  My previous residence was converted to a fulltime rental June 1, 2024.  When I input the land value from the year I bought it in 2019 ($61,872) , the next page shows an incorrect calculation of land cost basis $268,380 and building cost basis of $19,541.  Can you help guide me where these numbers come from?

 

I have attached the steps taken and tried clearing my cache already.

 

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1 Reply
PatriciaV
Employee Tax Expert

Turbotax Not Calculating Rental Property Depreciation Cost Basis Correctly

When you enter the property tax information, be sure to include the value of the residence and any improvements. 

 

For example, if the Fair Market Value is $500,000 and the land is worth $75,000, the "improvements" should be $425,000.

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