@DianeW777 , thanks for the explanation. Can I not enter the sale date for each asset, then check 'Yes' in the Special Handling section and use the Sale of Business Property section to enter all the information? I understand that I will need to add the depreciation for all assets if I used this approach. This seems a lot cleaner (and somewhat easier) for me to enter. But I want to make sure that this process is correct.
The only difference I see is that the land portion does not show up separately in Form 4797 when I enter it in the 'Sale of Business Property' section (I am assuming that the tax will be same once I enter the difference between Rental FMV and actual purchase cost)
Another clarification - For 1 month (Nov 2022) that I did not have a renter, the house of under contract and I was fixing inspection items. Can I deduct the 1 month mortgage interest, property tax, water bill and condo association fee as sales expense? The above expenses incurred from Jan - Oct when I had a renter was captured under Rental expense. I left out 1month of expenses, because I did not have a renter and the house was not available for renting.
