Sold Rental - "cost" - "cost of land" - "asset sales price" - "land sales price" ?!?!?!?

[kpersah1]

I have sold a rental and to enter it into turbo tax. Specifically, I need help with figuring out how to calculate "Cost", "Cost of Land", "Asset Sales Price", and "Land Sales Price" in the "Your Property Assets" section of TurboTax so that it calcuated the right amount of capital gain/loss .

Turbotax asks on the first page (see first screen shot below) to enter "Cost" and "Cost of Land". Here it is unclear if the "Cost" is the total cost (i.e., cost of building + cost of land ) or just the cost of the building. 

For example, I bought the property for $180k total which includes cost of land and cost of building. As per the tax assessor, the cost of the land is $80k and the cost of the building is $100k. So, with respect to "Cost" field it is unclear whether I have to enter $100k or $180k. 

Next, Turbotax asks on a later page (see second screenshot below)  to enter the "Asset Sales Price" and  "Land Sales Price". Similar to the above, it is unclear whether one enters in the Asset Sale Price the total sales price (i.e., sales price of building + sales prices of land) or just the sales price of the building. 

For example, I sold the property for $240 total which includes the sales price of the  land and the sales prices of the building. As per the tax assessor, the cost of the land is $100k and the cost of the building is $140k. So, with respect to "Asset Sales Price" field it is unclear whether I have to enter $140k or $240k. So, with respect to the "Asset Sales Price.

So far I have talked to 4 different TurboTax CPAs and all 4 told me four different things. 

first pagenext page

[JamesG1]

At the screen Tell Us About This Rental Asset, under Cost, enter the $100,000 for the amount of the rental property building and improvements but not the land value.  Under Cost of land, enter the $80,000 for the amount of the land. 

At the screen Sales Information, Asset Sales Price and Land Sales Price are reported the same way.

You do not have be believe any one expert.  You are able to verify the computation by viewing IRS Form 4797 at Tax Tools / Print Center / Print, save or preview this year's return.

Land entries will be reported in Part I.  Building/improvements will be reported in Part III.