Sale of a rental property by a Partnership

[Babak]

My client (a partnership-Form 1065) recently sold a rental property that's been depreciated for a long time. To enter the sale, is depreciation section (under the Disposition) my only option? or can I report the sale another way?

thank you

[Accountant-Man]

You need to have the Sec. 1250 depreciation calculated, so it is best to do it the right way.

[Babak]

That part is done, but since there is land an a building, I wanted to see if there is another way to do it.

[George4Tacks]

You can create two sales. Make the land a 2nd sale, all by itself. Allocate what you consider an appropriate portion of the sales price and sales costs to that sale and reduce those items for all the other items sold. It can all be done through the depreciation screen. 

EDIT - for the land portion - check the box for Form 4797, Part 1.  For all the other assets link then and indicate a 1 for section 150 in the field Blank=1245, 1=1250, 2=.....

[Accountant-Man]

You mean a different piece of land and a different building?