Allocated rental to building and land so that only building would be depreciated. Went through the disposal of asset click through and gain, basis all looked good.
Curious as to why lot is reported in part 1 and building is reported in part 3?
See https://www.irs.gov/instructions/i4797#en_US_2022_publink13087td0e1168
Part I is for property held more than one year and not required to be reported in Part III (i.e., not subject to depreciation recapture).
The building is depreciable property (Section 1250) and is reported in Part III.
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