Hi there I would like some help with this subject as well. I need to allocate 190,000 proceeds from the sale of my rental between structure, land, and expenses. My 2020 notice of value from the County assessor indicates a market value of 165,620.00 of which 26,522. is allocated to the land and 85,467 to the structure. Would you please help me figure out what to enter in the allocation section? When I started renting the place and entered the purchase price on Turbo tax, it allocated the 55,000 as follow 35,000 for structure and 20,000 Land. It was 20years ago and I am not sure how the program came up with that figure. Now should I use the percentage used by turbo tax for the depreciation or the city assessment for 2020 which was the last year the condo was rented. The last tenants left in July and the house sale was closed in January 2021. I would appreciate it if you would help me decide the best method of entering this and help me with the calculation. Thanks in advance.
