@PatriciaV - Thank you for your responses. Very much appreciated!
1) Understood. As I sold a stand-alone rental property, not a shared part of my main home, the proper answer to "Special Handling Required?" is No.
2) Ok, got it.
3) Since Land is not depreciated, I assume the sum of rental asset adjusted bases is subtracted from the 'Sales Proceeds for Home = $150,000 - $30,000 = $120,000'. Is that correct?
Remodel: Adjusted basis $5000
Water Adjusted basis Heater: $500
Shed: Adjusted basis $1000
Home: Adjusted Proceeds $120,000 - $6500 = $113,500 Asset Sales Price (Business Portion Only)
4) Thanks for confirming.
