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Form 1040 sched e residential r/e - what should be the code for the type of asset where the land is shown on the asset entry sheet? Error if nothing entered.

bpierce
Level 3

I know the land shouldn't be depreciated but want to get rid of error and entering "O" doesn't seem like a good option (creates too many blocks that need to be completed which most seem to be depreciation related.

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Accepted Solutions
TaxGuyBill
Level 15

I do it the same way that Lisa does it.

Another possible option is to use "X" (non-depreciated asset).

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4 Comments 4
Just-Lisa-Now-
Level 15
Level 15
I've marked it as Rental Real Estate then entered the Land included in Cost the same as the Cost Basis...no depreciation happens but you've got it saved for your records.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
bpierce
Level 3
lisa - that seems to work! Thanks for your help. You've answered other questions before I think. I appreciate your involvement and willingness to help others.
Just-Lisa-Now-
Level 15
Level 15
youre welcome  🙂

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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TaxGuyBill
Level 15

I do it the same way that Lisa does it.

Another possible option is to use "X" (non-depreciated asset).