On the sales information screen, should I spilt up asset sales price and land sales price? If so, should I take the % of house vs land based on the cost basis?
For cost basis, I bought the property on 1/4/2006. Cost - $645,900, and cost of land - $218, 300. I converted the house to rental property on 01/01/2008, should I use the market place price for cost basis at that time?
yes you need to split up the sales proceeds and the sales cost between thee building and land. Technically based on their relative FMV on the date of sale. Use cost basis when you purchased. depreciation is subject to recapture
