turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Sch E I entered the house purchasing price $510k and land value $80k. Then the system calculated the building basis is $0, land cost basis is $510k. this is a bug

who knows how to fix?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Sch E I entered the house purchasing price $510k and land value $80k. Then the system calculated the building basis is $0, land cost basis is $510k. this is a bug

check to make sure you entered the total cost as $510K and the land as $80K.  most likely the issue is you entered one or both numbers incorrectly since no one else has reported this issue. 

Sch E I entered the house purchasing price $510k and land value $80k. Then the system calculated the building basis is $0, land cost basis is $510k. this is a bug

I have three rental properties, the one I always use for rental had no problem on SCH E. But for those two new rental properties, after you enter purchasing price which includes land and building value, then land value, the calculation turned to Land basis = purchasing price, building basis $0. It happened to both of my new rental properties. I am pretty sure I did enter the number correctly.

Please fix the bug. 1.PNG2.PNG3.PNG

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question