I've read many posts on the dispostion of assets for a rental property. Is it possible to have my calculations reviewed by a tax expert for a property we sold?

[dlennon1954]

Converted main home to rental property in 2020.  Used FMV of $343,400 for basis as lesser of FMV vs. adjusted basis.  Land value $93,636.
Sold property Sep 2022.  Changing to adjusted basis as orig sales price+improvements-previous year & current year depeciation-energy credits, basis changed to $341,034.  Using same land value of $93,636.

Have several other assets for the property, all depreciated since converting property.  To calculate sales price I used the original % of land/orig FMV basis to come up with a $ for the land, but for the cost of other assets (based on other posts I read) I had Turbotax calc a sales price based on a $1 gain.  Then used sales price of $580K-sales price of land-other assets to come up with sales price for structure.  For cost of sale just used the %  method.  Does this seem reasonable or will this cause red flags for the IRS?  I can provide more specific numbers if needed.  Thanks for any responses.

[DavidD66 · Accepted solution]

Your approach is a good one, and is reasonable.  There are multiple ways to allocate the sales costs the proceeds to the various assets, but they should all result in the same gain/loss.  I don't see any reason for a "red flag" to go up based what you have described.