Own rental property with excess land, 2 years later we split some of land off and sold but still own rental. On my asset listing it asks if I sold asset but doesnt give option on if I sold part of asset such as part of land. How do I input in asset list

[Hal_Al]

Land is not depreciated. As such, you do not need to change anything on how your report your rental unit on your tax return. Do not report the sale in the rental area of your return.

Instead report it under investment sales. You will have to allocate part of the original land cost to the sold parcel, for it's cost basis, to determine your capital gain or loss. On your own records you also adjust the rental unit land cost for when it's sold in the future.