The question I have still is where is the split of depreciation on the house and the land recorded?
Land is not depreciated. Only the structure(s) on that land get depreciated. If you'll elect to edit/update that asset, one of the screens will show you how it's done.
COST - This is what you paid for the property (land and structure) when originally purchased.
COST OF LAND - This is the amount of "COST" that you allocated to the land when you first set this property up as a rental. Example:
COST: $100,000
COST OF LAND: $30,000
The above indicates you paid a total of $100,000 when you originally purchased the asset, and that $30,000 of that $100,000 was allocated to the land. So you have a 70/30 split with 70% of your cost bases for the structure, and 30% of your cost basis for the land. You should split your sales price for that asset the same, using a 70/30 split. Since you sold at a gain, make sure the sales price you assign to each, is more than the cost basis originally assigned to each. You should also split your sales expenses between the land and structure using the same ratio.
So for each asset the gain would be figured as sales price, minus cost basis, minus sales expense. The result should be a positive number and is the amount of your gain.
