TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Cost Basis incorrect for Rental Property

Forum|Forum|1 year ago
January 29, 2025
1 reply
0 views

I have a rental property that I converted from my personal residence this year. I believe that TurboTax is incorrectly putting my cost basis for the building under the land category instead of the building. Because of this I am not getting to depreciate any of the value of the home. Is this correct? Does anyone have experience with this?

You are correct that it does not seem to be valuing the building, only the land.

You will need to go back through the rental interview where you set up the basis.

Since it was your personal residence before becoming your rental, you must use your cost, not the Fair Market Value.

This is not an error I have seen, so I think it may have been inputted incorrectly.

You do need to enter two separate values, land and building.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"