I sold my rental house for $87,600. Per the settlement form, after paying off the mortgage and other costs of $84,946.46, I received a check of $2,653.54. In the Sales Information section I know I have to split between house and land. The beginning information showed total cost of $92,584.00, land cost of $389, and Prior Depreciation of $34,783. The land portion of the total cost is .4%. I split the sales total of $87,600 between house and land using the .4%, then did the same with the $84,946. This is calculating out to be a significant loss. Am I using the correct numbers? I do not have a 1099-S.
