On the Depreciation and Amortization Report. what is cost (net of land). Is this the cost of the building (home) not including the land cost?

[EdwardK · Accepted solution]

Yes. On the Depreciation and Amortization Report, if you add the "Cost (Net of Land)" and "Land" amounts, the total should equal what you entered for "Cost" when you entered the asset.

As you may already know, per IRS Publication 946, How to Depreciate Property Page 6:

"You cannot depreciate the cost of land because land does not wear out, become obsolete, or get used up. The cost of land generally includes the cost of clearing, grading, planting, and landscaping.

Although you cannot depreciate land, you can depreciate certain land preparation costs, such as landscaping costs, incurred in preparing land for business use. These costs must be so closely associated with other depreciable property that you can determine a life for them along with the life of the associated property."

[jhwgw]

Is it possible to do a chat with a turbo tax rep online while my tax return is open?

[EdwardK]

TurboTax does not currently offer a chat service, per se. However, you may contact TurboTax using the following link and you should be able to share your screen, if necessary, if you have more detailed questions specific to your tax return(s): <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number">https://ttlc.intuit.com...>.