Help entering information about the sale of a rental property

[jeanne17]

We bought a house in August of 2021 for $235k, w/closing costs and immediate improvements that I think are ok to include, our cost basis was $245962.

We used $46386 for the Land entry amount (just using tax assessor page.)

We started renting it in October. It was rented October, Nov and Dec, and we reported that on our 2021 taxes.

Then, we sold the house in Feb 2022 (we did rent it in Jan 2022 - sold to the folks renting it from us). Before selling, we invested in about $10k more improvements (flooring, countertops, etc.)

When reporting the rental info for 2022, TT asks if we stopped using this asset (we did  - we sold the property).

We selected yes to that question.

It then asks for disposition date. We completed that (2/28/2022)

TT then asks if there are special handling requirements (there are not, so no).

TT then asks if it was included in the sale of our main home (again, no, this is a separate property).

TT then asks for sales information. Interestingly, TT already has this section filled out, but it's not right, so??? I assume I need to fix. 

What precisely do I enter here?

There's:

Asset Sales Price (Business Portion Only) - Prefilled as $221k, but we sold for $265k so....? I guess this is what part of $265 was not the LAND?? And how does tt even have ANYTHING prefilled here at all?
Asset Sales Expenses (Business Portion Only) Prefilled as $801, but that can't be correct???
Land Sales Price (Business Portion Only) - What?? How would I know what part of $265k was Land?
Land Sales Expense (Business Portion Only) - Ditto????

???? How would I know this information?

Thanks.

[Anonymous_]

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@jeanne17 wrote:

TT then asks for sales information. Interestingly, TT already has this section filled out, but it's not right, so??? I assume I need to fix. 

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If you are referring to the page in the screenshot below, those lines should not be "pre-filled".

Input must have been made somewhere which would need to be corrected if not accurate.