How do I add the land value to my cost basis?

[JFenzau]

My husband and I built a duplex (and put it in an LLC) for rental back in 2018 and I use turbo tax for business to handle the taxes. When asked for the cost of the property, it said not to include the land value so I did not. Everything was fine, depreciation was calculated correctly over the last 3 years, based solely on the value of the building. However, we are now selling the duplex and there isn't anywhere in turbo tax that has the value of the land, so it's calculating our cost basis as just the value of the building, which is causing a higher capital gain than we should have. How do I fix turbo tax to include the value of the land in my cost basis?

[Anonymous_ · Accepted solution]

Try entering Forms Mode and then look for the Federal Asset Entry Worksheet in the list of forms in your return (which worksheet should be found under Form 8825).

[JFenzau]

That seems to be the right solution! Thank you so much for your help and quick response!