you may need to allocate sales proceeds to each separate asset and indicate a disposal date. Failure may result in the cost and accumulated depreciation not being taken into account when determining overall gain/loss.
example. You buy property for $1,000,000, allocating $800,000 to building and $200,000 to land. You sell for $1,500,000 and list the entire sales proceeds on the building. Let's also assume depreciation on the building was $100,000. Your gain is is $600.000, but because no sales proceeds were allocated to the land. TutboTax thinks you just sold only the building for $1.5M, resulting in am $800K gain [$1,5M - ($800K - $100K) ]
