Is there some sort of percentage the land sales prices & expenses should be on these individual assets?
No. If you sold at a gain you can pick numbers out of thin air, so long as two criteria are met in the end.
- You show a gain on all assets.
- The total gain on all assets equals your total gain on the sale.
If you entered a zero as a sale price for the land, I'm not sure but I don't think that will be a problem since there is no depreciation recapture on the land. But the only way to know for sure is to print out all the worksheets and calculation forms and follow the numbers. Preliminary analysis on my part indicates a zero sales price on the land does not change your overall taxable gain.
One reason this matters on depreciated assets, is because recaptured depreciation is taxed anywhere from 15% to a maximum of 25% (even if your tax bracket is higher). So by not showing enough of a gain on the sale of a depreciated asset to "allow" for the recapture and subsequent taxing of the depreciation, it makes the math wrong and does not generate any errors or warnings.
