Depreciation on mobile home with land
I am having problems with the carry over value of an inherited property. I rented it our for two years and was able to use the depreciation of the structure as a deduction..but now that I have sold the property..I can not get both values (Land and Cost basis of structure) to show on the alternative minimum tax depreciation report, I either get the depreciation on the report or the capital gains from the property. I've tried multiple ways in the selections of either real estate or Other buttons. I get either the depreciation or the land value not both. If I choose the land value my taxes are much lower. I'm not taxed for the complete value of the property, as it was inherited. If I choose the depreciation which I understand should be paid back on the sale of the home. It taxes me the complete value of the home, with no deduction of the cost basis of fair market value . when I inherited the property.
Comments
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I think it may be best to contact Support from within your account so they can see what has been entered and properly guide you on how to report the sale and depreciation information properly on your return.
