Can I add my rental property to a form 4562 Depreciation?
I'm working on preparing my taxes using HR Block and I have a few questions related to the Form 4562. This form is for my rental property depreciation. It says I can include the items below.
- Computers and computer software
- Rental real estate
- Copiers and other office machines
- Specialty equipment
- Office furniture
- Other property expected to last more than one year
As for the item number 2 - Rental real estate. Is this related to the property I'm renting out or they mean some other properties?
In addition, it asks me to provide information like
- Property's total basis
- Basis for land only.
How can I calculate Basis for land only?