I bought and lived in a home from May 2006 - February 2013, then moved out and rented it out to tenants from February 2013 - Sept 2024, and then I sold the rental. Turbo tax is asking for asset sales price and expenses (business portion only) as well as land sales price and expenses (business portion only). Would the business portion consist of the percent of years/months that it was rented? So roughly 60% would have been the business portion with 40% as the non-business portion?
Also, how does one break up the value of the land vs the value of the house? I sold the house for 200K. Land value according to the county in 2024 was 43K, but the assessed value was 228K, which would be 19%. Would I be justified in applying the same percentages for my sale, which would make it 37720 for land and 162280 (and if I apply what I stated above, would make the business portion ~97368 for the asset and 22632 for the land?) I appreciate the assistance.
