@Carl wrote:
....when reporting the sale of rental property in the Rental & Royalty Income (SCH E) section of the program, it's not showing the structure and land sales separately with the structure sale in PART I of the 4797 and the land in PART III. It's showing everything in Part I.
@Critter-3 had the correct answer in terms of the results of separating land and structure:
....form 4797 part 1 should show the sale of the land and part 3 the rest of the depreciated assets sold with a depreciation taken amount on line 22. ...
In TurboTax, Part I will be populated with the sale of the land while Part III (Section 1250) will be populated with the sale of the structure (and depreciation allowed or allowable) if the transaction is entered into the Rentals and Royalties section with the land and structure assigned separate values (cost).
