Your formula is great, but to be clear before crunching these numbers.
Two additional questions:
1. I assume I use cost basis for what I originally paid for house and land together including fees at closing I paid? Or just straight price of house and farm?
2. When I list the sales proceeds amounts, do I just put the amount I actually received (by check) for the proceeds? Or does the sales amount include fees, closing costs and land taxes I paid listed in the settlement?
