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Question

Turbotax Not Calculating Rental Property Depreciation Cost Basis Correctly

Forum|Forum|1 year ago
February 25, 2025
1 reply
0 views

Good morning, I hope someone can help me with this. My previous residence was converted to a fulltime rental June 1, 2024. When I input the land value from the year I bought it in 2019 ($61,872) , the next page shows an incorrect calculation of land cost basis $268,380 and building cost basis of $19,541. Can you help guide me where these numbers come from?

I have attached the steps taken and tried clearing my cache already.

Screenshot8.png

TurboTax Premier Online

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When you enter the property tax information, be sure to include the value of the residence and any improvements.

For example, if the Fair Market Value is $500,000 and the land is worth $75,000, the "improvements" should be $425,000.

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