When entering the Cost and Land of a Residential rental real estate asset, should Cost be total original cost, or original cost minus the Land portion?

[neil_b]

E.g. If I paid 179,000 for the property and am allocating 40,000 for the Land. Should I report Cost as 179,000 and Land as 40,000. Or, should I report Cost as 139,000 and Land as 40,000?

[Critter]

The program asks for the total cost of the asset ... then on the next screen it asks for the land basis separately ... read the screen instructions carefully.