djmano
Returning Member

Cost basis when selling a portion of land surrounding my home

A few years ago I purchased a large plot of land with a house on it. I built a guest house on a piece of it, next to the house which I lived in as my primary residence. 

 

I recently sold a portion of that land and the guest house, but I still live in the house as my primary residence. How do I determine the cost basis for just that portion of land? Thank you.