Do I break up the lot and the house when entering in the sale of a rental property? Sch E. Will the program take into account the land value and its improvement value?

"Will the program take into account the land value and its improvement value?"

The program will actually prompt you to enter both values (i.e., provide boxes for you to enter figures for land and improvements).

Note that you will have to use TurboTax Premier or Self-Employed or Home & Business for entry in Step-by-Step Mode.

thanks for the heads up, I have the premier version