I sold my rental property to my current tenant using installment sales. I have entered the sale under the Business--> less common business--> sale of business property. I entered the date purchased 6/6/2001, sale date, 10/31/2024. Cost of property $228,964, sold for $639,000, closing costs ~$18K It asked me if I "sold all assets" associated with this property, I answered no, so it told me to go back in and "sell" them. The first item listed is the property itself. How do I calculate these numbers:
Enter the following information about the sale of this asset. You must divide, or allocate the sales price and expenses between the land and the asset (improvement) based on their fair market values.
Asset Sales Price (Business Portion Only) _________
Asset Sales Expenses (Business Portion Only) ________
Land Sales Price (Business Portion Only) ___________
Land Sales Expenses (Business Portion Only)___________.
Once I do that for the first listed asset, it continues to ask for every asset listed. How do I calculate the above for every "asset" listed? We have done quite a few renovations/improvements over the past 20+ years.
