Yes, you should enter the total depreciation taken on the Rental Property when reporting the sale information.
No, do not use the property tax assessment as your adjusted cost basis. As you said earlier, your basis is the original purchase price (see below) plus the cost of the renovations. Also add any selling expenses to the amount you enter on the basis line, per the instructions on the screen.
If you have previously reported this rental in TurboTax, look for Form 4562 Depreciation Report. This report lists all the assets for your property with columns for Cost, Land, Prior Depreciation and Current Depreciation.
- Your total cost basis from this report would be Cost + Land.
- If there is more than one line on this report, use the Totals.
- Your total depreciation is Prior Depreciation plus Current Depreciation (if any).
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