Cost of land in business rental property sale

[golf4nc]

How do i account for the land in the cost of rental property sold? It seems as if Turbo Tax business does not account for the land in the cost, only the building cost.

[MinhT1]

When you buy a property comprising a house (or building) and land, you have to split the purchase price between building and land. The most common method is to prorate these values using the appraised value by the local appraisal district.

For a rental property, you should enter two assets: The home and the land.

The home is depreciated over 27.5 years and the land is not depreciable.

[tagteam]

Enter Forms Mode and input the figures on your Federal Asset Entry Worksheet.