Following up on my own question. Turbo Tax has me calculate the amount of the property that is land vs building and it SEEMS that turbo tax uses this to calculate capital gains. I don't think this correct. When calculating depreciation recapture, yes, you need to distinguish between land and building but not for capital gains. But I don't see where turbo tax makes distinction. It shows tax due on the sale, but where do I see how it calculated capital gain vs depreciation recapture?
