Thanks so much for your response, which I have totally missed until now, yet have been working to resolve my issue a few times with customer service. The blog you attached was also quite enlightening and for me likely for another future transaction.
Regarding this transaction I am doing a different schedule E for each of the two new properties and there is some ease related to the purchase prices actually being within about $26.00 of each other.
On the Asset wks for the schedule E property I have learned that line 53 allows placing a new AMT basis (even thought there is a typo on the form referring to line 3 which is the date line rather than line 4 which is the total cost when acquired.)
I still have a question related to land not being depreciable. I am using 20% of cost for the new property as a safe reduction to not be depreciated. That works for regular depreciation, BUT it would seem I wouldn't reduce the AMT basis by any additional land amount as that was already considered in the calculation of the AMT basis on the form 8824.. The program automatically reduces the AMT basis by the amount of the land cost from line 8, and I dont think that is appropriate as the land cost was already factored out in calculating the AMT basis on the form 8824. Not sure what to do about that. Not certain whether to let that happen (reducing AMT cost basis to close to zero), add back all of the land cost to the AMT basis or reduce the AMT basis calculated from the form 8824 by another 20%. Any thoughts would be greatly appreciated.
