@Carl Oh I am totally with you but some accountant will tell me I did not separate out the land from the structure on my 4797 form. I am with you 100%. This does have some implication with the tax paid because I am adding my land and structure with each other in Part III of form 4797. TT gave me my total depreciation based on my FMV depreciation schedule from schedule E portal of $31,XXX with $2500 of that being in 2020 because it was a half year so it prorated it correctly. My gain is so small on this property separating out the structure from the land and placing the land on Part I line 2 would have minimal affect on taxes. Its not like a 100 acre farm with a house on it.....then that would have huge implications. We are talking about a track home in ABQ. My gut says go with what I have because in the end I have my documentation and I have my back up dated if audited. I have all of my rental expense receipts from when the renters left in March through when it was sold. IRS could ding me on the interpretation of PUB 527 for rental expenses while on the market to be sold with no renters in it. I get it.....and they can ding me for not having Part I filled out on form 4797 and portioning the land value out. But dang they would be squeezing blood from a rock....not like I am a high roller.....they would be expended resources to come after an honest dude. I am a professional engineer not an accountant.
