There are various screens in the rental section that deal with the sale. You need to indicate that there was a sale, when it was sold and what the usage was prior to the sale. You will be asked the basis of the property and you will need to separate out the land at that point. Both the land and buidling will be entered on seperate sections of Form 4797, but only the building is subject to depreciation.
You will also be asked to separate the land on another screen to reflect its value at the time of sale. You could have a gain on both land and building or a gain on one and loss on the other. You will need to get as as close an estimate of the building value and land value as you can.
Just enter the information where asked, and it will be transferred to Form 4797.
