Dear bigbarr25,
I'm mocking it up right now, and the first thing I did was to separate the selling price into land and building. If you don't have an exact breakdown, prorate the selling price based on the purchase price. Make sure you allocate the selling fees, unless you have them already broken out.
The sale of the house goes in Part III of the 4797 as a Sec. 1250 Property. The sale of the land goes on Part I of the 4797. It gets combined on line 13 of your Form 1040 as a capital asset.
So the answer to your last question is this does count as two sales on your 4797, but one as a Schedule D capital asset.
Please feel free to post back to this thread with further questions--I'll leave my pretend sale in in case you need any more help.
Good luck!
CherylW
