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Get your taxes done using TurboTax
I am confused. Form 4797 calculates adjusted basis for the building potion only and shows the land potion as a “gain”. Am I supposed to ADD the Adjusted Basis for the Building PLUS the land portion to get the total adjusted basis?? I don’t think reporting only the building basis portion (and excluding the land portion) for NJ form would make sense.
April 6, 2022
12:20 PM