At the screen Tell Us About This Rental Asset, under Cost, enter the $100,000 for the amount of the rental property building and improvements but not the land value. Under Cost of land, enter the $80,000 for the amount of the land.
At the screen Sales Information, Asset Sales Price and Land Sales Price are reported the same way.
You do not have be believe any one expert. You are able to verify the computation by viewing IRS Form 4797 at Tax Tools / Print Center / Print, save or preview this year's return.
Land entries will be reported in Part I. Building/improvements will be reported in Part III.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
