So if I understand you correctly, whatever I come up with for the cost basis on this sale, can be added to my cost basis when I sell the entire property in the future?
Lets say that of the $25000, I assume $24000 is profit for my taxes this year and I pay tax on that. When I sell the property in the future, I can ADD the $24000 to my cost basis (cost of land + house + boat dock +$24000) to reduce my taxable gain?
