When entering the Sales Information for a rental property that is sold, what are the "business portion only" of the Asset Sales Price of the Land Sales Price?

When entering the sales information for a rental property that is sold, the "business portion only" of the asset sales price and land sales price refers to the part of the property used for business purposes. 

Here’s how to determine these values:

Asset Sales Price (Business Portion Only):

• If the property was used entirely for rental purposes, the business portion is 100% of the sales price.
• If the property was used partially for personal use (e.g., a duplex where you lived in one unit and rented out the other), you need to allocate the sales price based on the percentage of time and space used for rental purposes

Land Sales Price (Business Portion Only):

• Similar to the asset sales price, if the land was used entirely for rental purposes, the business portion is 100% of the land sales price.
• If the land was partially used for personal purposes, allocate the sales price based on the percentage of time and space used for rental purposes

To Report the Sale of the Rental - see instructions here.

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