Land cost for Town home

I am filling details for my rental townhouse that i bought in 2023.

Turbo tax asks for Land cost under Property Tax values and I saw that my property tax statement has no mention of land cost. My home insurance of type condominium insurance also does not list it. How/where do i get it?

Thanks,

300

Expert Alumni

Feb 27, 2024 5:55:22 PM

If you are setting up your townhouse as a Rental Property, you can use what you paid for it as your beginning Cost Basis to calculate Depreciation each year.

If you don't have a Land Cost listed on your Property Tax Statement, you can leave that entry blank. Land does not depreciate anyway.

Here's more info on Rental Property Expenses and Depreciation of Business Assets you may find helpful.

@goyal_raj

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Land cost for Town home