I am using the Premier Desktop version of Turbotax. The rental property in question was purchased May 1995, converted from personal use to rental on 1/1/2002, and used exclusively as a rental from that point until it sold on 1/8/2020. 2 questions
1. Where do I report the sales price of the property? I confirmed the home was sold and have entered all but one number in the depreciation section (See question 2 for more info on that). I have entered our 1995 purchase price, the date the home was converted from residential to a rental property, the amount of depreciation we have taken, and the date we sold the home. NOWHERE has it asked for the sales price. I've used the edit feature to review my information more than once but cannot find any further questions. What am I missing?
2. Land value in depreciation section - I have no idea what number to use here. I do not have the property tax bill from 26 years ago. Land value is not included on our current tax bill, so I'm not convinced it would have mattered anyway. All my current tax bill shows is fair market value of the property and assessed value (which is simply 40% of fmv).
