Land is never depreciated. Only the house/structure, along with any other property improvements are depreciated. If you'll look at the 4562 that prints in landscape format, typically the first entry is for the property itself. You'll see where the "Cost (Net of Land)" is the value of the structure, and that's the value that's depreciated. The amount in the "Land" column is not depreciated.
The total acquisition cost for that item is Cost (Net of Land) value, plus the Land value. The total of all your SEC1250 assets is the total of all items in the Cost (Net of Land) column. Do not include amortized assets in that total. In the end, the sale of those assets will be reported in Part III of the 4797. The sale of the land will be reported in Part I if you held the property for more than 1 year.
