Related to my previous post on selling mulitple tracts of vacant land, and maybe this is an accountant question but...
The title company plans on issuing only one Deed for the sale and transfer of mulitple pieces of land to the same buyer under one contract for a set total price for all tracts. For taxes (cost basis adjustments), it seems I would need some documentation from the sale, indicating the cost of each tract, since each one came to us for a different price or as a gift.
Can someone confirm whether this is necessary and how I would generate such a document if the neither the title company or the buyer are requiring it?
Thanks!
