Inputing Depreciation on a Rental Home for the First Time

[MEF70]

I am in a multi-member LLC which rents a house, beginning in June of 2024. The house was purchased for $485,000 and the land is valued at $79,600, leaving a basis of $405,400 (if I am wrong please correct me). I am using TurboTax Business 2024. Where do i enter this for depreciation purposes? If I enter it with Assets, it appears twice.  Was it entered in automatically and I should not also enter it in the Assets section.  Thank you for any help you can provide.

[ThomasM125]

You enter the cost of the rental house in the Assets section. In that section, you will see a screen that says Rental Real Estate Depreciation Summary and you will see your assets listed there:

If you have two assets entered for the house, you will see them listed in the assets section and you should edit one of them. Then you will see a screen that says Rental Real Estate Depreciation Summary on which you can delete the duplicate asset entry.

The asset would not have been entered automatically unless it had been entered previously, for instance if you entered it in the previous year and transferred that return over to the current year.