Reporting Cost Basis
For reporting capital gains on house and then land they ask for the cost basis. Do they want just cost of house, or all the fees, land taxes I paid due at closing adding into that figure, and if so how can I then deduct the fees of land taxes ect paid back out later?
Reporting amount you then SOLD land or house for/ or profit
They will probably then ask for amount I sold it for or the profit amount, and again my 1099-S show GROSS profit but that is not how much I made after land taxes, settlement fees. Do you report the gross from 1099-S and if so where do you deduct all the fees and land taxes after?
I wish I had the screenshot in front of me for all the questions they will ask regarding reporting the capital gains on the house and then land separate, but I don't
