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@TaxGuyBill wrote:

"But as I mentioned before, the only time I can think of when it matters is if the building decreases in value (combining them will alter the 1250 gain vs 1231 gain)."

I agree, please see the example in a previous post:

"However, given the total price 1,500,000 remains the same, but the building price is 200,000, and the land price is 1,300,000, then we will have 1,100,000 capital gain only attributed to the land, while the building has neither gain nor loss."

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