I am trying to determine the basis for a lot I partitioned in Oregon.
Facts:
1. Purchased property on 3/25/2022 Included a house and cottage on a large lot. Price $390,000
2. I partitioned 1/3 of the lot in 2024 and sold it on installment sale. Total sales price $65,000. Costs to partition were $8174. Closing costs for sale $1106.
I am trying to determine how to derive the cost basis for the lot.
I will be reporting this installment sale on IRS form 6252 and not sure where else? (cap gains or losses I suspect)
Any help appreciated.
@ Mark
