Investors & landlords

@Carl - thanks for the detailed response.

1. To clarify on 'date acquired' - this would be the date when it was originally purchased at an auction (2006), and NOT the date it was converted to a rental (2008).  Is that correct?

2. To clarify on cost of land - I am still not clear on how the cost of land is determined when placing the unit in service? 

I don't see the cost of land broken out separately in the auction documents (assume the auction sale price was $400K, which does not include closing costs). 

I am only able to find the cost of land (assume this is $90K) on the property tax assessment that was mailed to me yearly.   However, on the property tax assessment, the cost of land ($90K) + building ($90K + $135K) DOES NOT equal the auction price ($225K <> $400K).  Should it?

To answer the other questions:

1. Property was purchased with a mortgage in 2006

2. Property was sold in 2020

3. Property sale is reported in TT under  'Business' -> 'Business Income and Expenses' -> 'Sale of Property/Depreciation'