When you sell your house, you will deduct the amount that was paid for the strip of land from the basis of your house and land. For example, if the basis was $100,000 before you received $2,000 for the sale of the strip of land, the new basis would be $98,000.
It would be best for you to inform the property tax office in the town of the sale to make sure that they have the correct revised information. You should receive a small tax break on your property taxes. The county may notify the tax office about the change in your property size.
@rocky551
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