I sold my rental propery. How do I enter my Asset Sales Price (Business Portion Only)?

[Jillian0821]

I am at the part where I am filling out my "Sales Information".  It is asking that I fill in the Asset Sales Price (Business Portion Only).  If my home was only used as a rental 60% of the time I owned it, would I reduce the Asset Sales price by 40% for the time It was my personal residence?

Also I have the tax assessor's record during 2018, they have the land valued at $25,000.  When I purchased the home in 2008 it was only valued at 20,000. Do I go off the current land value or do I use the original value in 2008?

Back story:  I purchased my home in 2008 for $132,975.  I moved for work in 2012 and due to the economy being bad I could not sell my home.  I converted it in to a rental in 2012.  In 2018 I sold my rental property for $139,900. 

[Coleen3 · Accepted solution]

Your house is 100% rental property. Once you convert your property to rental use, it is a business property.

The question about business portion refers to a vacation home where there is both personal and business use due to occupying it and having short term rental situations or to a multi-unit property such as a duplex or apartment building where the owner rents out a portion and occupies another portion simutaneously. 

Your land value would be the current value, not the original 2008 value.