Thanks @DianeW777 and @Carl , yes, the land and structure had values assigned when the property was acquired. Only the structure value has been depreciated since we obtained the property 2 years ago. So the cost basis for the casualty loss is the structure value minus the depreciation that took place up to the date of the fire.
Now that I've said that (not sure why this didn't sink in before), I realize that cost basis (depreciated structure value) is offsetting the insurance reimbursement. So the only cost basis for the land sale is the designated value we assigned when the property was acquired. There is no unused depreciation for the structure because it was used on past taxes or against the insurance reimbursement. I think my only question then is where I report the sale of the land as I already said the property was "disposed" on the date of the fire for the casualty loss, or maybe that is wrong?
Thank You!
