You'll need to sign in or create an account to connect with an expert.
Cost of the home is your original purchase price. Cost of land is the portion of the purchase price that is allocated to the land where the home sits.
Looking at your tax assessment for the property will give you some idea about the value of the land compared to the value of the house so that you know how it is split between the two.
This information is needed because the cost of the land is subtracted from the total cost of of your home to determine the basis for depreciation of the home office. The land portion cannot be depreciated.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
carolynpaine
New Member
karlahettinger
Level 1
zbchristy501
Returning Member
mamamids
New Member
danielleksandlin
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.