Land was assessed at $30,000. Property was assessed at $110,000. I based this on property record assessments.
When I put full sales price of $355,000, it charges me taxes on the $215,000 because it is treating it as fully a business, and under the 2 of 5 rule, that amount is exempt from taxes.
TurboTax's audit software says I'm doing it the right way, but I wanted to verify.
Thus my question.
