Hi Carl,
Thanks so much for the detailed reply. I have a few follow-up questions:
1 - In the cases where it asks whether Special Handling is Required, I do meet the conditions listed there. More specifically, 2 conditions apply:
a - The business use percentage of this asset varied during the years I owned the asset
b - The asset was a rental, ...
So, I'm not sure how to handle that if I need to click NO to the question of "Special Handling Required?"
2 - I'm confused about the concept of "Asset" in Turbo-Tax. Based on your description, am I correct in understanding that I need to enter the same property as multiple assets? If so, would the first asset be the disposal of the rental property "with special handling," and the second asset be the same entry "without special handling?"
3 - When entering the "Cost" and "Cost of Land" fields, I can look up the tax assessment of land value for each year that I owned the property. So, would I split the purchase price of the property between the land-value and the total purchase price, or is the original cost value inclusive? To me, it seems like the total purchase price should be split between the cost of the structure and cost of the land. However, the description of "Cost of Land" indicates: "If the cost of this property includes the land value, enter the land value here." I interpret that to mean that the "Cost" field should be total purchase price, *not* purchase_price - tax_assessed_land_value.
Thank you again!
