It depends. Let's answer each question individually.
- The sales price is the total for the land and building.
- The sales expense is your closing costs incurred for the sale of the house, which are normally on your settlement statement. You can deduct sales costs except for mortgage and property taxes. Those are deducted elsewhere.
- You used the correct method to break out the land sales price.
- Yes, use the same ratio for determining land sales expenses.
Please read this IRS link for a list of closing costs that can be deducted under the heading of Fees and Closing Costs.
@johnkfarr
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
