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Get your taxes done using TurboTax
I suggested in my initial question exactly what you propose. I included the breakout of the cost of the land and house, as provided by the county assessor, in my first scenario, and divided it by two to get a value of $125,000 for the lot, just as you did. What about the second scenario I asked about? Assessments are always guesses. But if I sell the house this year, I will have real-life data on the relative value of the house and the lot. That's why I asked if that ratio could be used to determine basis.
I'm also still interested in knowing if I could handle both sales as a single transaction, if the house sells this year, too.
Thanks.
‎October 30, 2024
8:22 PM