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kumquathoney
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Is the Cost field in turboxtax home & biz, needs to exclude land cost for rental depreciation?

I have 2 questions:

1.  I am trying to enter my rental depreciation.  From previous article "Calculate Depreciation for Rental Property":

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/calculate-depreciatio...

I need confirmation in the "Cost" field (Business>Business Income and Expenses), is the cost minus the land or is it the total cost of rental property purchase plus expense?

Describe the residential real estate:

Cost:

Cost of Land:

Date of purchased or acquired:(mm/dd/yyyy)

 

2.  If I sell a rental property during Feb, for the rental depreciation, same as above #1 right?

Or  have to calculate the number of months?

 

 

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2 Replies

Is the Cost field in turboxtax home & biz, needs to exclude land cost for rental depreciation?

Follow the input screens carefully ... you are first  asked for the ENTIRE cost and then the portion of the total that belongs to the land.  

Is the Cost field in turboxtax home & biz, needs to exclude land cost for rental depreciation?

2) you have to enter sales date, price and selling expenses for each - land and building. Turbotax uses the date of the sale to calculate the depreciation for the year of sale.

 

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