@ColeenD3 As far as land goes, there is no concrete basis for calculating what increased in price over the years and what decreased. It can't hurt to have the same percentage you gave to the land at the purchase be the same percentage at sale unless you have proof that one increased or declined over the years.
I originally purchased the property for $174K (Land = $36K; House=$138K) and added $43K worth of improvements. I recently sold it for $184K (2021). I now have a total of 7 depreciable assets on Form 4562. What percentage do I use to allocate the sales price to the land? If I determine the percentages by dividing each asset value by the total asset value, it ends up DECREASING the value of the land going from $36K (2006 purchase price) down to $35K (2021 sales price). Is that OK?
