Option #1: Go through each improvement and sell it, and allocate the sales price based on the Fair Market Value. Do NOT sell it for $1 or something like that. That will have incorrect results.
Option #2: Go through each asset, indicate it was sold, but then when you get to the "Special Situations" screen, say YES. Then print out the depreciation schedule for the current year. Then manually combine all assets and manually enter the sale in the "Sale of Business Property" section.
The ratio of land to property is what the CURRENT ratio is. It may not necessarily be the same as when you purchased the property.
I'm not sure what kind of sales costs would apply only to the building, but if there is such a thing, just enter that amount for the building.
