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]

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.

[Just-Lisa-Now-]

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.

[bpierce]

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-]

youre welcome  🙂

[TaxGuyBill · Accepted solution]

I do it the same way that Lisa does it.

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