I need a clarification on a Rental Property I sold in 2019. In Turbotax under "Sales Information" it asks to allocate sales/expenses between the asset and the land. The question I have is if the asset sales price is total price to include land + home. For example, if I sold the property for $197K and $50K was what the land was worth would I use $197K for asset sales price and $50K for land sales price? Or do I need to subtract out the land sales price so asset sales price is $147K and land sales price is $50K; therefore this would add up to what I sold the property?
I researched most of the questions but i did not see this particular question asked or discussed.
