Land cost and purchase price were entered correctly, yet the Depreciable Cost Basis table shows obviously incorrect calculations and doesn't allow editing.
Please confirm under what topic in TurboTax you have entered this sales information. Including screenshots of the entry pages would be helpful as well.
This reply isn't allowing me to copy and paste portions of the TurboTax return using the Snip feature, so I had to resort to Microsoft Word.
Here's the TurboTax section:
Here's where I entered the purchase price of the house ($460,000) data was removed:
Here's where I entered the land value 0f $78,000:
| Building | $0 | $0 |
| Land | $464,158 | n/a |
| Total | $464,158 | $0 |
I have not had that experience in TurboTax Online. In your situation, it might be best if you first clear your cache and cookies. It handles many issues that seem nonsensical on a regular basis.
Watch to be sure you are selecting 'all time' as example. Do not use selections like 'last hour' for those browsers that give you options.
Once this is complete open your return and select to enter your income.
Please update here if you need further assistance.
Sorry, I'm unable to understand your instructions. There is no provision to Jump to after I click on Search>Rentals.
I don't know what you mean by
After closing TurboTax, I emptied the cache and reentered the values for the cost of the house ($460,000) and land ($78,000) and got the same erroneous result.
| Building | $0 | $0 |
| Land | $464,158 | n/a |
| Total | $464,158 | $0 |
Microsoft's Snipping Tool doesn't work here, so I can't cut & paste the TurboTax screen.
We're unable to duplicate these results so we can't see this error on our end. Before you do anything else delete this property from your tax return and try to re-enter it from scratch and see if that fixes the problem somehow. And make sure that this is being entered as a business use building and not a personal residence (which is non-depreciable).
Maybe this will help? One issue I've seen a few times, is folks not entering the correct information to begin with, because of a lack of clarity on the screen, or they don't read the small print. When entering the data in the screen that asks for COST and COST OF LAND, using your numbers you'd enter:
COST: $460,000 (this is your total purchase price)
COST OF LAND: $78,000 (this is how much of the COST that is allocated to the land)
Once those figures are entered, the program (not you) will do the math to determine the structure value of $382,000 to be depreciated over the next 27.5 years.
Take note that the final figure to be depreciated may not be exact, because the program will also take into account those closing costs/sales expenses that get added to the cost basis.