Did you originally set up separate Assets in the Rental section for Building and Land?
If you have any assessors records at the time of your purchase you may use the ratio of land value to overall value to determine a percentage value for the land and apply this percentage to the gross sale amount to determine the land sale amount.
You could set up the Land Asset and use this allocation when reporting the sale.
For instance, your local property tax statement may report that the value of the land for the property is $5,000 and the value of the structure is $45,000. If you sold the property for $200,000, the value of the land could be allocated as:
Land $ 5,000
Structure $45,000
Total $50,000
Land assumed to be 5,000/50,000 = 10%
10% X sales price of $200,000 = $20,000 allocated to cost of land.
A similar allocation can be made for the selling expenses.
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