No, the land portion is not depreciated. The property itself and the major improvements are depreciated over time. To enter your all of your rental property information, use the Rental Property Section in TurboTax.
Capital improvements that add to the value of your rental property, prolong its life, or adapt it to new uses must be depreciated over a period of time rather than deducted as a current-year expense.
Rental property is considered a depreciable asset, as are major improvements such as new roofs, landscaping, refrigerators, water heaters, furniture, and so forth. Expenses are used to deduct the entire cost of services, utilities, fees, and consumable items (like cleaning supplies, light bulbs, smoke alarms, and batteries).
Where do I enter income and expenses from a rental property? you'll enter the details of the property here - and you will enter the costs in the Assets/Depreciation section which is part of the Rental section.
What is rental depreciation and how does it differ from an expense?
How do I handle capital improvements and depreciation for my rental?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
