I am creating a multiple Linear Regression model using a Dependent variable which is extremely positively-skewed: My skewness statistic is 27.610, std. deviation is 2832.139, range of values from 0 - 100,000 in a population of 234,270 (over 95% of my cases have values at or below 500.00).
Is splitting the file by the DV in order to reduce skewness and then modeling separately a reasonable course of action? Are there rules or guidelines for splitting the DV I should follow? For example, taking a certain number or percentage by Std. Deviation to inform where I should make the split?
Note: I'm new at this - be gentle!