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Investors & landlords
1) Your 80% of the cost, the building, is entered in PartIII Form 4797. The 20%, land, is entered in Part I.
2) Since you added assets while the property was a rental, you should have depreciated each one separately. You would include each asset as sold and apportion a bit of the sales price to each.
‎April 16, 2022
12:25 PM