Thank you for your response. The calculation method you presented makes perfect sense. I have 2 follow up questions:
Q1. If I allocate the sales price between land and structure in the way you explained, how will it affect my taxes (other than clearing the error)?
Q2. I'm still not 100% clear about why the initial response from TT experts was to leave these boxes blank. Are there particular situations under which sales price must be allocated between land and structure portions? Did the tax laws change? Is there a bug in the TT software? or was the initial recommendation simply incorrect? Just want to make sure I understand the reason for the change.
Thank you for your help!
