For many years I rented a portion of my land to a farmer. In 2017, I split the parcel into two pieces (farm land and house). I then sold the farm land to the farmer at beginning of 2017. Because I sold the land before farming season I did not have any rental income for 2017. When I told TT Premier this, it says that I don't need to claim this as rental property any more. Therefore, it is to be reported as sale of business property or just sale of personal property because I didn't rent it in 2017 but did rent it for years prior.
The property was all one big lot. House in the corner. Farmer rented all area around house. I then split into two lots and sold the one.
You will report the sale of the of your former rental property as a sale of business property. The tax effect of selling it will be the same as if it were a sale of personal property.
You should not have been depreciating the land, but if you had it listed as a rental property and not a farm rental, you will want to sell the property through the rental interview. This will properly report the sale and remove the rental from your 2018 return.